BTC / USD
23,194.58
1.36%
(+311.73)
ETH / USD
1,663.12
1.85%
(+30.17)
XRP / USD
0.40
1.36%
(+0.01)
LTC / USD
100.70
4.11%
(+3.98)
EOS / USD
1.11
3.84%
(+0.04)
BCH / USD
135.64
1.89%
(+2.52)
ADA / USD
0.40
2.64%
(+0.01)
XLM / USD
0.09
1.89%
(0)
NEO / USD
9.06
3.23%
(+0.28)
XEM / USD
0.04
4.94%
(0)
DASH / USD
65.25
4.58%
(+2.86)
USDT / USD
1.00
0%
(0)
BNB / USD
331.42
1.48%
(+4.83)
QTUM / USD
2.93
3.17%
(+0.09)
XVG / USD
0.00
3.48%
(0)
ONT / USD
0.24
2.47%
(+0.01)
ZEC / USD
46.77
6.73%
(+2.95)
STEEM / USD
0.23
5.13%
(+0.01)

Bitcoin Price Still Consolidates, What Could Trigger A Nasty Drop

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Bitcoin price is struggling to climb higher above $19,200 against the US Dollar. BTC could start a major decline if it breaks the $18,900 and $18,500 support levels.

  • Bitcoin failed to gain pace and remained in a bearish zone below $19,500.
  • The price is trading below $19,400 and the 100 hourly simple moving average.
  • There is a short-term breakout pattern forming with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a steady recovery if there is a clear move above $19,200 and then $19,500.

Bitcoin Price Continues To Struggle

Bitcoin price attempted a move towards the $19,500 resistance zone. BTC remained in a bearish zone and even failed to clear the $19,400 level. A high was formed near $19,344 and there was a fresh decline.

The price declined below the $19,200 level and tested $18,950. A low is formed near $18,938 and the price is now consolidating losses. It traded above the 23.6% Fib retracement level of the recent drop from the $19,344 swing high to $18,938 low.

Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average. There is also a short-term breakout pattern forming with resistance near $19,200 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $19,150 level. It is close to the 50% Fib retracement level of the recent drop from the $19,344 swing high to $18,938 low. The first major resistance sits near the $19,200 level and the trend line.

Source: BTCUSD on TradingView.com

The next major resistance might be $19,300 or the 100 hourly SMA. A clear move above the $19,300 resistance might send the price towards the $19,500 resistance. Any more gains might open the doors for a move towards the $20,000 resistance zone.

Downside Break in BTC?

If bitcoin fails to rise above the $19,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,000 zone.

The next major support is near the $18,900 zone. A downside break and close below might call for a test of the main breakdown support at $18,500. Any more losses might start a major decline and the price could drop to $17,500.

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 below the 50 level.

Major Support Levels – $19,000, followed by $18,900.

Major Resistance Levels – $19,200, $19,300 and $19,500.

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