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Bitcoin value is consolidating close to the $19,000 degree towards the US Dollar. BTC appears to be forming a short-term bullish sample and would possibly rise in the direction of $20,000.
- Bitcoin is struggling to achieve tempo for a transfer above the $19,200 degree.
- The value is buying and selling under above $19,400 and the 100 hourly easy transferring common.
- There is a brand new connecting bearish pattern line forming with resistance close to $19,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin a contemporary improve except there’s a clear transfer under the $18,950 degree.
Bitcoin Price Remains In A Range
Bitcoin value was seen buying and selling in a spread under the $20,000 resistance zone. BTC even settled under the $19,500 degree and the 100 hourly easy transferring common.
The final swing low was shaped close to $18,860 earlier than there was a minor upside correction. The value was capable of clear the 23.6% Fib retracement degree of the downward transfer from the $19,560 swing excessive to $18,860 low. The bulls even pushed the value above the $19,200 degree.
However, the bears have been energetic above the $19,200 degree. Bitcoin price struggled to clear the 50% Fib retracement degree of the downward transfer from the $19,560 swing excessive to $18,860 low.
It is now buying and selling under above $19,400 and the 100 hourly easy transferring common. It looks like there’s a short-term inverse head and shoulders sample forming with breakdown assist at $18,950. On the upside, a direct resistance is close to the $19,200 degree. There can be a brand new connecting bearish pattern line forming with resistance close to $19,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
A transparent transfer above the pattern line would possibly ship the value in the direction of the $19,500 resistance. Any extra beneficial properties would possibly begin a gentle improve in the direction of the $20,000 resistance zone.
More Losses in BTC?
If bitcoin fails to rise above the $19,200 resistance zone, it may proceed to maneuver down. An rapid assist on the draw back is close to the $18,950 zone.
The subsequent main assist is close to the $18,860 zone. A draw back break under the $18,860 assist zone ship the value in the direction of the $18,550 degree. Any extra losses would possibly name for a drop in the 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 under the 50 degree.
Major Support Levels – $18,950, adopted by $18,860.
Major Resistance Levels – $19,200, $19,500 and $20,000.
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