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Bitcoin value is struggling under the $19,200 assist in opposition to the US Dollar. BTC stays at a danger of extra losses under the $18,500 assist within the close to time period.
- Bitcoin is displaying bearish indicators under the $19,200 and $19,500 ranges.
- The value is buying and selling under above $19,500 and the 100 hourly easy shifting common.
- There is a key bearish pattern line forming with resistance close to $19,180 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may proceed to maneuver down if it stays under the $19,500 degree for a very long time.
Bitcoin Price Slides Further
Bitcoin value settled below the $20,000 support zone. BTC is following a gradual and regular decline under the $19,500 pivot degree and the 100 hourly easy shifting common.
The value even traded under yesterday’s low and examined the $18,850 zone. A low is shaped close to $18,860 and the worth is now consolidating losses. There was a minor restoration wave above the $19,000 resistance degree. The value climbed above the 23.6% Fib retracement degree of the current decline from the $19,560 swing excessive to $18,860 low.
Bitcoin value is now buying and selling under above $19,500 and the 100 hourly simple moving average. On the upside, an instantaneous resistance is close to the $19,200 degree.
There can be a key bearish pattern line forming with resistance close to $19,180 on the hourly chart of the BTC/USD pair. The pattern line is close to the 50% Fib retracement degree of the current decline from the $19,560 swing excessive to $18,860 low.
Source: BTCUSD on TradingView.com
A transparent transfer above the pattern line may ship the worth in direction of the 100 hourly easy shifting common or the $19,500 resistance. Any extra beneficial properties may ship the worth in direction of the $20,000 resistance zone.
More Losses in BTC?
If bitcoin fails to get better above the $19,200 resistance zone, it may proceed to maneuver down. An speedy assist on the draw back is close to the $18,850 zone.
The subsequent main assist is close to the $18,550 zone. A draw back break under the $18,550 assist zone may set off one other sharp decline. In the said case, there’s a danger of a transfer in direction of the $17,800 assist zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 degree.
Major Support Levels – $18,850, adopted by $18,550.
Major Resistance Levels – $19,200, $19,500 and $20,000.
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