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Bitcoin began an upside correction above $19,000 in opposition to the US Dollar. BTC is now dealing with a robust resistance close to the $19,350 and $19,500 ranges.

• Bitcoin is making an attempt an upside correction above the $19,000 degree.
• The value continues to be buying and selling beneath $19,500 and the 100 hourly easy transferring common.
• There is a serious 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 increased in direction of $20,500.

Bitcoin Price Faces Hurdles

Bitcoin value began a short-term upside correction from the $18,223 low. BTC was in a position to climb above the $18,800 and $19,000 ranges. It even cleared the $19,350 resistance zone.

However, the worth confronted a robust resistance close to the $19,650 degree and the 100 hourly simple moving average. A excessive was shaped 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 degree of the upward transfer from the $18,223 swing low to $19,678 excessive. The bulls are actually defending the $18,800 assist zone.

The 61.8% Fib retracement degree of the upward transfer from the $18,223 swing low to $19,678 excessive is performing as a assist. On the upside, a direct resistance is close to the $19,200 degree. The subsequent main resistance sits close to the $19,350 degree.

Source: BTCUSD on TradingView.com

There can also be 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 transferring common, and $19,500 might open the doorways for a transfer in direction of the $20,000 degree. Any extra positive aspects would possibly ship the worth in direction of the $20,500 resistance zone.

Fresh Decline in BTC?

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

The subsequent main assist is close to the $18,550 degree. A transparent transfer beneath the $18,550 zone might set the tempo for a bigger decline. In 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 Strength Index) – The RSI for BTC/USD is now close to the 50 degree.

Major Support Levels – $18,800, adopted by $18,550.

Major Resistance Levels – $19,200, $19,350 and $19,500.