Bitcoin Price Lacks Momentum But BTC Holders Are Safe: Here’s Why

Bitcoin value struggled to clear the $20,000 resistance zone in opposition to the US Greenback. BTC may decline, however there’s a key assist ready close to the $18,900 zone.

• Bitcoin failed to realize momentum for a transfer above the $20,000 resistance zone.
• The value is buying and selling under $19,400 and the 100 hourly easy shifting common.
• There’s a key bearish pattern line forming with resistance close to $19,250 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may transfer down additional to check the $18,900 assist zone within the close to time period.

Bitcoin Worth Trims Good points

Bitcoin value tried a good enhance above the $19,500 resistance zone. BTC even climbed above the $19,800 stage, however the bears have been lively close to the $20,000 resistance zone.

The value traded as excessive as $19,939 earlier than there was a recent decline. There was a drop under the $19,500 and $19,400 ranges. The bears even pushed the value under the 50% Fib retracement stage of the upward transfer from the $18,271 swing low to $19,939 excessive.

Bitcoin value is now buying and selling under $19,400 and the 100 hourly easy shifting common. There may be additionally a key bearish pattern line forming with resistance close to $19,250 on the hourly chart of the BTC/USD pair.

On the upside, a right away resistance is close to the $19,220 stage. The primary main resistance sits close to the $19,250 stage and the pattern line. A transparent transfer above the pattern line resistance may pump the value in direction of the $19,500 resistance zone.

Supply: BTCUSD on TradingView.com

The principle resistance remains to be close to the $20,000 zone. Any extra positive aspects may begin a gentle enhance in direction of the $21,200 resistance zone.

Dips Restricted in BTC?

If bitcoin fails to rise above the $19,250 resistance zone, it may proceed to maneuver down. A direct assist on the draw back is close to the $19,000 zone.

The subsequent main assist is close to the $18,900 zone. It’s close to the 61.8% Fib retracement stage of the upward transfer from the $18,271 swing low to $19,939 excessive. A draw back break under the $18,900 assist zone may enhance promoting stress. Within the acknowledged case, the value may decline in direction of the $18,500 assist zone.

Technical indicators:

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

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

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

Main Resistance Ranges – $19,250, $19,500 and $20,000.