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 going through a robust resistance close to the $19,350 and $19,500 ranges.

• Bitcoin is trying an upside correction above the $19,000 stage.
• The value remains to be buying and selling beneath $19,500 and the 100 hourly easy shifting common.
• There’s a main 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 should clear the pattern line and the 100 hourly SMA to proceed larger in direction of $20,500.

Bitcoin Worth Faces Hurdles

Bitcoin value began a short-term upside correction from the $18,223 low. BTC was capable of 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 shifting common. A excessive was fashioned close to $19,678 and the worth began a contemporary decline. There was a transfer beneath the $19,500 and $19,400 ranges.

Bitcoin value traded beneath 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 assist 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 assist. On the upside, a right away resistance is close to the $19,200 stage. The subsequent main resistance sits close to the $19,350 stage.

Supply: BTCUSD on TradingView.com

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

Contemporary Decline in BTC?

If bitcoin fails to proceed larger above the $19,350 resistance zone, it may begin a contemporary decline. An instantaneous assist on the draw back is close to the $18,800 zone.

The subsequent main assist is close to the $18,550 stage. A transparent transfer beneath the $18,550 zone may set the tempo for a bigger decline. Within the acknowledged case, the worth might even decline beneath the $18,223 swing low.

Technical indicators:

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

Hourly RSI (Relative Power 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.