Bitcoin is holding the important thing $18,500 assist zone in opposition to the US Greenback. BTC should settle above the $20,000 resistance zone to maneuver right into a constructive zone.
- Bitcoin is struggling to achieve momentum above the $19,500 resistance zone.
- The worth is buying and selling beneath $19,000 and the 100 hourly easy shifting common.
- There’s a key bearish development line forming with resistance close to $19,020 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may stage a contemporary rally if there’s a clear transfer above the $19,500 resistance zone.
Bitcoin Worth Consolidates
Bitcoin worth made one other try to clear the $19,500 resistance zone. Nonetheless, BTC struggled and fashioned a short-term prime close to the $19,400 stage.
A excessive was fashioned close to $19,392 and the value declined. There was a transfer beneath the $19,000 stage and the 100 hourly easy shifting common. The pair traded as little as $18,645 and is at the moment consolidating losses. There was a minor improve above the $18,800 stage.
Bitcoin worth climbed above the 23.6% Fib retracement stage of the latest decline from the $19,392 swing excessive to $18,645 low. On the upside, an instantaneous resistance is close to the $19,000 stage and the 100 hourly easy shifting common.
There’s additionally a key bearish development line forming with resistance close to $19,020 on the hourly chart of the BTC/USD pair. The development line is close to the 50% Fib retracement stage of the latest decline from the $19,392 swing excessive to $18,645 low.
Supply: BTCUSD on TradingView.com
The subsequent main resistance sits close to the $19,500 zone. A detailed above the $19,500 stage may begin a contemporary surge to $20,000. Any extra good points may begin a gentle improve and the value may rise in the direction of the $21,500 resistance zone.
Recent Decline in BTC?
If bitcoin fails to get better above the $19,500 zone, it may begin a contemporary decline. An instantaneous assist on the draw back is close to the $18,650 zone.
The subsequent main assist is close to the $18,500 stage. A transparent transfer beneath the $18,500 zone may set the tempo for a contemporary decline. Within the said case, the value might even check the $17,500 stage.
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 slightly below the 50 stage.
Main Help Ranges – $18,650, adopted by $18,500.
Main Resistance Ranges – $19,000, $19,350 and $19,500.
