BTC / USD
65,090.29
4.93%
(-3372.22)
ETH / USD
3,379.98
6.77%
(-245.58)
XRP / USD
0.60
3.36%
(-0.02)
LTC / USD
81.24
5.35%
(-4.59)
EOS / USD
0.93
9.79%
(-0.1)
BCH / USD
372.60
8.32%
(-33.8)
ADA / USD
0.63
9.02%
(-0.06)
XLM / USD
0.12
6.06%
(-0.01)
NEO / USD
13.90
9.83%
(-1.52)
XEM / USD
0.04
13.97%
(-0.01)
DASH / USD
33.23
10.47%
(-3.89)
USDT / USD
1.00
0.01%
(0)
BNB / USD
530.45
9.56%
(-56.08)
QTUM / USD
4.03
13.56%
(-0.63)
XVG / USD
0.01
13.26%
(-0)
ONT / USD
0.31
9.08%
(-0.03)
ZEC / USD
25.90
11.76%
(-3.45)
STEEM / USD
0.27
13.53%
(-0.04)

Bitcoin Price Keeps Struggling, What Could Trigger Another Downtrend

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Bitcoin price is struggling to climb above the $20,000 resistance against the US Dollar. BTC could decline heavily if there is a close below the $18,500 support.

  • Bitcoin remained in a range and stayed above the $19,000 support zone.
  • The price is trading below $19,400 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh decline if there is a clear move below the $18,500 support.

Bitcoin Price Stuck In a Range

Bitcoin price attempted a fresh increase above the $19,000 resistance zone. BTC climbed above the $19,250 level and the 100 hourly simple moving average.

The price even gained pace above the $19,500 resistance and spiked above $20,000. However, the bears were active above the $20,000 resistance zone. A high was formed near $20,177 and the price started a downside correction.

There was a move below the $19,500 level. Besides, there was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average.

A low is formed near $18,937 and the price is consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low.

On the upside, an immediate resistance is near the $19,400 level and the 100 hourly SMA. The next major resistance sits near the $19,560 zone. It is close to the 50% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low.

Source: BTCUSD on TradingView.com

A clear move above the $19,560 resistance might start a fresh increase. In the stated case, the price could even surpass the $20,000 resistance zone. The next major resistance is near the $20,500 zone.

Another Drop in BTC?

If bitcoin fails to rise above the $19,560 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,000 zone.

The next major support is near the $18,580 zone. The main support is near $18,500, below which there could be a sharp drop to $18,000. Any more losses might call for a drop towards the $17,500 support.

Technical indicators:

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

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

Major Support Levels – $19,000, followed by $18,580.

Major Resistance Levels – $19,560, $20,000 and $20,500.

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