Bitcoin Price Grinds Lower But The Key Breakdown Support Is Still Intact

Bitcoin worth slowly moved decrease beneath $19,200 towards the US Greenback. BTC continues to be buying and selling above the primary breakdown help close to the $18,500 zone.

• Bitcoin is slowly shifting decrease and there was a spike beneath the $19,000 stage.
• The value is buying and selling beneath $19,200 and the 100 hourly easy shifting common.
• There’s a key bearish development line forming with resistance close to $19,180 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a gentle improve if there’s a clear transfer above $19,200 after which $19,500.

Bitcoin Worth Holds Help

Bitcoin worth began a gradual decline from simply above the $19,500 resistance zone. BTC declined beneath the $19,250 and $19,200 help ranges to maneuver right into a short-term bearish zone.

The bears even pushed the value beneath the $19,000 stage and there was an in depth beneath the 100 hourly easy shifting common. The value traded as little as $18,900 and is at present correcting increased. There was a transfer above the $19,000 stage.

Bitcoin worth is now buying and selling beneath $19,200 and the 100 hourly easy shifting common. There’s additionally a key bearish development line forming with resistance close to $19,180 on the hourly chart of the BTC/USD pair.

On the upside, a right away resistance is close to the $19,090 stage. It’s near the 23.6% Fib retracement stage of the current decline from the $19,697 swing excessive to $18,900 low. The primary main resistance sits close to the $19,200 stage and the development line.

Supply: BTCUSD on TradingView.com

The subsequent main resistance is perhaps $19,300 or the 50% Fib retracement stage of the current decline from the $19,697 swing excessive to $18,900 low. A transparent transfer above the $19,300 resistance would possibly begin an honest improve. Within the acknowledged case, the value might maybe check the $19,500 resistance. Any extra beneficial properties would possibly begin a gentle improve in direction of the $20,000 resistance zone.

Draw back Break in BTC?

If bitcoin fails to rise above the $19,300 resistance zone, it may proceed to maneuver down. A direct help on the draw back is close to the $19,000 zone.

The subsequent main help is close to the $18,900 zone. A draw back break may ship the value in direction of the primary breakdown help at $18,500. Any extra losses would possibly ship the value additional decrease in direction of $17,800 and promoting strain may improve.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Help Ranges – $19,000, adopted by $18,900.

Main Resistance Ranges – $19,200, $19,300 and $19,500.