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Bitcoin began an upside correction above $19,000 in opposition to the US Dollar. BTC is now struggling to clear the $19,400 and $19,500 resistance ranges.

• Bitcoin traded as little as $18,550 and began an upside correction.
• The worth is now buying and selling beneath the $19,500 stage and the 100 hourly easy transferring common.
• There is a serious bearish pattern line forming with resistance close to $19,310 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may begin one other drop except there’s a clear transfer above the $19,500 resistance.

Bitcoin Price Faces Resistance

Bitcoin worth began a major decline below the key $19,500 support zone. BTC gained tempo for a transfer beneath the $19,000 stage and the 100 hourly easy transferring common.

The worth even traded beneath the $19,000 stage and examined $18,500. A low was fashioned close to $18,550 and the worth just lately began an upside correction. There was a transfer above the $19,000 resistance zone. The bulls pushed the worth above the 23.6% Fib retracement stage of the important thing drop from the $20,172 swing excessive to $18,550 low.

However, the bears remained energetic close to the $19,500 resistance zone. There can also be a serious bearish pattern line forming with resistance close to $19,310 on the hourly chart of the BTC/USD pair.

Bitcoin confronted rejection close to the 50% Fib retracement stage of the important thing drop from the $20,172 swing excessive to $18,550 low. It is now buying and selling beneath the $19,500 stage and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $19,300 stage.

Source: BTCUSD on TradingView.com

The subsequent main resistance sits close to the $19,500 stage. A transparent transfer above the $19,500 resistance may begin a gentle improve to $20,000. Any extra good points may ship the worth in the direction of the $20,500 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to start out a restoration wave above the $19,500 zone, it might proceed to maneuver down. An instant help on the draw back is close to the $19,000 zone.

The subsequent main help sits close to the $18,550 stage. A draw back break beneath the $18,550 help may spark extra downsides. In the acknowledged case, the worth might drop in the direction of the $18,000 help.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $19,000, adopted by $18,550.

Major Resistance Levels – $19,300, $19,500 and $20,000.