BITCOIN has begun an upward correction against the US dollar above $19,000. BTC is battling to break through the $19,400 and $19,500 resistance levels. Bitcoin dropped as low as $18,550 before beginning an upward correction. The price is currently trading below the $19,500 mark and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $19,310. Unless there is a decisive rise over the $19,500 resistance, the pair may begin another slide.
Bitcoin Price to Encounter Resistance
Bitcoin’s price began to precipitate below the critical $19,500 support level. BTC accelerated its slide below $19,000 and the 100 hourly simple moving average. The price even fell below $19,000 and tested $18,500. A low was created near $18,550, and the price has recently begun to rise. The price rose just above the $19,000 resistance level.
BTC/USD
Price was pushed above the 23.6% Fib retracement level of the crucial drop from the $20,172 swing high to the $18,550 low by the bulls.
The bears, on the other hand, remained aggressive near the $19,500 resistance level. On the hourly timeframe of the BTC/USD pair, a big negative trend line is forming with resistance near $19,310.
Bitcoin was rejected around the 50% Fib retracement level of the crucial drop from the swing high of $20,172 to the low of $18,550. It currently trades below $19,500 and the 100 hourly simple moving average. On the upside, an immediate resistance level is near $19,300.
The next significant resistance level is at $19,500. A clear break above the $19,500 resistance level might kick-start a sustained rise to $20,000. Any further advances might push the price to the $20,500 resistance level.
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Bitcoin Price Drop?
If Bitcoin fails to initiate a rebound wave above the $19,500 level, it may continue to fall. On the downside, there is immediate support near $19,000.
The next significant support is located near $18,550. A breach below the $18,550 support level could lead to further losses. In the scenario above, the price could fall towards the $18,000 support.