Bitcoin broke the important thing $19,500 assist in opposition to the US Greenback. BTC is displaying bearish indicators and stays at a threat of a transfer in direction of the $18,000 stage.
Bitcoin failed to begin a recent enhance and declined under the $19,500 assist.
The worth is now buying and selling under the $19,000 stage and the 100 hourly easy shifting common.
There’s a connecting bearish pattern line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair might appropriate larger, however upsides may be restricted above $19,500.
Bitcoin Value Takes A Hit
Bitcoin value failed to achieve tempo for a transfer above the $20,500 and $20,550 resistance ranges. There have been many failed makes an attempt, sparking a draw back response under the important thing $19,500 assist zone.
There was a pointy decline under the $19,500 assist and the 100 hourly easy shifting common. The worth declined under the $19,200 and $19,000 ranges. A low is shaped close to $18,670 and the worth is now consolidating losses.
It’s now buying and selling under the $19,000 stage and the 100 hourly easy shifting common. On the upside, an instantaneous resistance is close to the $19,000 stage. It’s close to the 23.6% Fib retracement stage of the latest decline from the $20,171 swing excessive to $18,670 low.
The following main resistance sits close to the $19,400 stage. There’s additionally a connecting bearish pattern line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
The pattern line is close to the 50% Fib retracement stage of the latest decline from the $20,171 swing excessive to $18,670 low. Any extra positive factors would possibly ship the worth in direction of the $19,800 resistance zone and the 100 hourly easy shifting common.
Extra Losses in BTC?
If bitcoin fails to begin a restoration wave above the $19,000 zone, it might proceed to maneuver down. A direct assist on the draw back is close to the $18,650 zone.
The following main assist sits close to the $18,500 stage. A draw back break under the $18,500 assist would possibly spark extra downsides. Within the acknowledged case, the worth could maybe take a look at the $18,000 assist.
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 under the 50 stage.
Main Assist Ranges – $18,650, adopted by $18,500.
Main Resistance Ranges – $19,000, $19,400 and $19,500.
