Bitcoin Price Stuck Below Resistance, Why Bears Could Aim More Losses

Bitcoin began an upside correction above $19,000 in opposition to the US Greenback. BTC is now dealing with a robust resistance close to the $19,350 and $19,500 ranges.

• Bitcoin is making an attempt an upside correction above the $19,000 stage.
• The value remains to be buying and selling under $19,500 and the 100 hourly easy transferring common.
• There’s a main bearish development line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair should clear the development line and the 100 hourly SMA to proceed increased in the direction of $20,500.

Bitcoin Worth Faces Hurdles

Bitcoin worth began a short-term upside correction from the $18,223 low. BTC was in a position to climb above the $18,800 and $19,000 ranges. It even cleared the $19,350 resistance zone.

Nevertheless, the worth confronted a robust resistance close to the $19,650 stage and the 100 hourly easy transferring common. A excessive was fashioned close to $19,678 and the worth began a contemporary decline. There was a transfer under the $19,500 and $19,400 ranges.

Bitcoin worth traded under the 50% Fib retracement stage of the upward transfer from the $18,223 swing low to $19,678 excessive. The bulls at the moment are defending the $18,800 help zone.

The 61.8% Fib retracement stage of the upward transfer from the $18,223 swing low to $19,678 excessive is appearing as a help. On the upside, an instantaneous resistance is close to the $19,200 stage. The following main resistance sits close to the $19,350 stage.

Supply: BTCUSD on TradingView.com

There may be additionally a serious bearish development line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair. A transparent transfer above the development line, the 100 hourly easy transferring common, and $19,500 may open the doorways for a transfer in the direction of the $20,000 stage. Any extra positive aspects would possibly ship the worth in the direction of the $20,500 resistance zone.

Recent Decline in BTC?

If bitcoin fails to proceed increased above the $19,350 resistance zone, it may begin a contemporary decline. A direct help on the draw back is close to the $18,800 zone.

The following main help is close to the $18,550 stage. A transparent transfer under the $18,550 zone may set the tempo for a bigger decline. Within the acknowledged case, the worth could even decline under the $18,223 swing low.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

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

Main Assist Ranges – $18,800, adopted by $18,550.

Main Resistance Ranges – $19,200, $19,350 and $19,500.