Bitcoin Remains In Downtrend, What Could Spark Sharp Upside

Bitcoin is buying and selling in a bearish zone under $19,500 towards the US Greenback. BTC would possibly begin a pointy restoration wave if there’s a transfer above the $19,500 resistance.

• Bitcoin failed to achieve tempo above the $19,500 and $19,600 resistance ranges.
• The worth is now buying and selling under the $20,000 degree and the 100 hourly easy transferring common.
• There’s a essential bearish development line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may begin a contemporary decline until there’s a transfer above the $19,500 resistance zone.

Bitcoin Value Eyes Upside Break

Bitcoin worth began one other decline under the $19,500 help zone. The worth even traded under the $19,000 help zone and spiked under the $18,800 degree.

A low was shaped close to $18,738 and the value is now consolidating losses. There was a minor upward transfer above the $19,000 resistance zone. The worth climbed above the 23.6% Fib retracement degree of the latest decline from the $20,500 swing excessive to $18,738 low.

Nevertheless, the value is now going through a powerful resistance close to the $19,400 zone and the 100 hourly easy transferring common. There’s additionally a vital bearish development line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair.

The development line is near the 50% Fib retracement degree of the latest decline from the $20,500 swing excessive to $18,738 low.

Supply: BTCUSD on TradingView.com

The subsequent key resistance is close to the $19,800 zone. A transparent transfer above the development line resistance after which $19,800 may push the value additional larger. Within the acknowledged case, the value may rise in direction of the $20,500 degree. The subsequent main resistance sits close to the $21,200 degree.

Recent Decline in BTC?

If bitcoin fails to clear the $19,500 resistance zone, it may begin one other decline. An instantaneous help on the draw back is close to the $19,000 degree.

The subsequent main help now sits close to the $18,700 degree, under which the value may decline closely. Within the acknowledged case, the value might maybe decline in direction of the $17,500 degree.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 50 degree.

Main Help Ranges – $19,000, adopted by $18,700.

Main Resistance Ranges – $19,500, $19,800 and $20,500.