BTC / USD
23,262.68
2.03%
(+463.89)
ETH / USD
1,675.95
3.44%
(+55.73)
XRP / USD
0.40
3.19%
(+0.01)
LTC / USD
100.93
4.68%
(+4.51)
EOS / USD
1.11
5%
(+0.05)
BCH / USD
136.21
3.42%
(+4.51)
ADA / USD
0.40
4.75%
(+0.02)
XLM / USD
0.09
3.84%
(0)
NEO / USD
9.19
5.66%
(+0.49)
XEM / USD
0.04
6.74%
(0)
DASH / USD
65.54
5.25%
(+3.27)
USDT / USD
1.00
0%
(0)
BNB / USD
332.77
2.35%
(+7.65)
QTUM / USD
2.98
5.63%
(+0.16)
XVG / USD
0.00
6.4%
(0)
ONT / USD
0.24
5.92%
(+0.01)
ZEC / USD
46.92
7.54%
(+3.29)
STEEM / USD
0.23
1.94%
(0)

Bitcoin Price Recovery Won’t Be Easy, Why Bears Target Additional Weakness

0

Bitcoin price is struggling below the $19,200 support against the US Dollar. BTC remains at a risk of more losses below the $18,500 support in the near term.

  • Bitcoin is showing bearish signs below the $19,200 and $19,500 levels.
  • The price is trading below above $19,500 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $19,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down if it stays below the $19,500 level for a long time.

Bitcoin Price Slides Further

Bitcoin price settled below the $20,000 support zone. BTC is following a slow and steady decline below the $19,500 pivot level and the 100 hourly simple moving average.

The price even traded below yesterday’s low and tested the $18,850 zone. A low is formed near $18,860 and the price is now consolidating losses. There was a minor recovery wave above the $19,000 resistance level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $19,560 swing high to $18,860 low.

Bitcoin price is now trading below above $19,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $19,200 level.

There is also a key bearish trend line forming with resistance near $19,180 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $19,560 swing high to $18,860 low.

Source: BTCUSD on TradingView.com

A clear move above the trend line might send the price towards the 100 hourly simple moving average or the $19,500 resistance. Any more gains might send the price towards the $20,000 resistance zone.

More Losses in BTC?

If bitcoin fails to recover above the $19,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $18,850 zone.

The next major support is near the $18,550 zone. A downside break below the $18,550 support zone might trigger another sharp decline. In the stated case, there is a risk of a move towards the $17,800 support zone.

Technical indicators:

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

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

Major Support Levels – $18,850, followed by $18,550.

Major Resistance Levels – $19,200, $19,500 and $20,000.

Leave A Reply

Your email address will not be published.