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Bitcoin value corrected decrease beneath the $19,500 degree in opposition to the US Dollar. BTC stays in a key vary and buying and selling above the $19,000 assist zone.

• Bitcoin failed to realize power above $19,600 and corrected features.
• The value is buying and selling close to $19,250 and the 100 hourly easy transferring common.
• There was a break beneath a key bullish pattern line with assist close to $19,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may try a recent enhance until there’s a clear transfer beneath the $19,000 assist.

Bitcoin Price Remains Supported

Bitcoin price made an attempt to gain pace above the $19,500 resistance zone. BTC even spiked above the $19,600 degree, however there was no comply with by means of transfer.

The value shaped a excessive close to $19,696 and began a draw back correction. There was a transfer beneath the $19,500 and $19,400 ranges. Besides, there was a break beneath a key bullish pattern line with assist close to $19,400 on the hourly chart of the BTC/USD pair.

Bitcoin value traded as little as $19,110 and is at present buying and selling in a variety. It is buying and selling close to $19,250 and the 100 hourly simple moving average. There was a break above the 23.6% Fib retracement degree of the current decline from the $19,696 swing excessive to $19,110 low.

On the upside, an instantaneous resistance is close to the $19,400 degree. It is near the 50% Fib retracement degree of the current decline from the $19,696 swing excessive to $19,110 low.

Source: BTCUSD on TradingView.com

The first main resistance sits close to the $19,680 degree. A transparent transfer above the $19,680 resistance may begin a good enhance. In the acknowledged case, the value might maybe check the $20,000 resistance. Any extra features may begin a gentle enhance in the direction of the $21,200 resistance zone.

Downside Break in BTC?

If bitcoin fails to rise above the $19,400 resistance zone, it may proceed to maneuver down. An rapid assist on the draw back is close to the $19,100 zone.

The subsequent main assist is close to the $19,000 zone. A draw back break and shut beneath the $19,000 assist zone may begin a significant decline. In the acknowledged case, the value may decline in the direction of the $18,500 assist zone.

Technical indicators:

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

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

Major Support Levels – $19,100, adopted by $19,000.

Major Resistance Levels – $19,400, $19,680 and $20,000.