BTC / USD
38,822.51
1.27%
(+488.38)
ETH / USD
2,106.07
1.3%
(+27.03)
XRP / USD
0.61
1.22%
(+0.01)
LTC / USD
71.69
0.45%
(+0.32)
EOS / USD
0.69
2.02%
(+0.01)
BCH / USD
226.79
1.51%
(+3.37)
ADA / USD
0.39
2.15%
(+0.01)
XLM / USD
0.12
0.94%
(0)
NEO / USD
11.42
3.3%
(+0.37)
XEM / USD
0.04
0.93%
(0)
DASH / USD
31.16
2.95%
(+0.89)
USDT / USD
1.00
0.02%
(0)
BNB / USD
227.49
0.28%
(-0.64)
QTUM / USD
3.09
1.84%
(+0.06)
XVG / USD
0.00
1.66%
(0)
ONT / USD
0.23
1.6%
(0)
ZEC / USD
30.68
3.84%
(+1.13)
STEEM / USD
0.26
1.87%
(0)

Bitcoin Remains In Downtrend, What Could Spark Sharp Upside

0

Bitcoin is trading in a bearish zone below $19,500 against the US Dollar. BTC might start a sharp recovery wave if there is a move above the $19,500 resistance.

  • Bitcoin failed to gain pace above the $19,500 and $19,600 resistance levels.
  • The price is now trading below the $20,000 level and the 100 hourly simple moving average.
  • There is a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh decline unless there is a move above the $19,500 resistance zone.

Bitcoin Price Eyes Upside Break

Bitcoin price started another decline below the $19,500 support zone. The price even traded below the $19,000 support zone and spiked below the $18,800 level.

A low was formed near $18,738 and the price is now consolidating losses. There was a minor upward move above the $19,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low.

However, the price is now facing a strong resistance near the $19,400 zone and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low.

Source: BTCUSD on TradingView.com

The next key resistance is near the $19,800 zone. A clear move above the trend line resistance and then $19,800 could push the price further higher. In the stated case, the price could rise towards the $20,500 level. The next major resistance sits near the $21,200 level.

Fresh Decline in BTC?

If bitcoin fails to clear the $19,500 resistance zone, it could start another decline. An immediate support on the downside is near the $19,000 level.

The next major support now sits near the $18,700 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $17,500 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $19,000, followed by $18,700.

Major Resistance Levels – $19,500, $19,800 and $20,500.

Leave A Reply

Your email address will not be published.