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Bitcoin value corrected decrease from $19,650 in opposition to the US Dollar. BTC is holding the $19,200 help and may quickly begin a contemporary enhance.

• Bitcoin began a draw back correction after it didn’t clear the $19,650 zone.
• The value is buying and selling above $19,200 and the 100 hourly easy transferring common.
• There is a connecting bearish pattern line forming with resistance close to $19,320 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin a contemporary enhance if there’s a clear transfer above the $19,350 resistance.

Bitcoin Price Remains Supported

Bitcoin value was capable of acquire tempo for a transfer above the $19,500 resistance. However, BTC struggled above the $19,600 zone. It traded as excessive as $19,679 and not too long ago began a draw back correction.

There was a correction beneath the $19,500 and $19,400 ranges. The value declined beneath the 23.6% Fib retracement stage of the important thing enhance from the $18,865 swing low to $19,680 excessive. The value even spiked beneath the $19,250 stage.

However, the bulls had been energetic close to the $19,200 help zone. Bitcoin value is now buying and selling above $19,200 and the 100 hourly simple moving average. It can also be steady above the 50% Fib retracement stage of the important thing enhance from the $18,865 swing low to $19,680 excessive.

On the upside, a right away resistance is close to the $19,320 stage. There can also be a connecting bearish pattern line forming with resistance close to $19,320 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first main resistance sits close to the $19,500 stage. The subsequent main resistance could be $19,650. A transparent transfer above the $19,650 resistance may ship the worth in direction of the $20,000 resistance. Any extra beneficial properties may set the tempo for a gradual enhance in direction of the $21,200 resistance zone.

Dips Limited in BTC?

If bitcoin fails to rise above the $19,500 resistance zone, it might proceed to maneuver down. An fast help on the draw back is close to the $19,270 zone.

The subsequent main help is close to the $19,200 zone and the 100 hourly easy transferring common. A draw back break and shut beneath $19,200 may open the doorways for a contemporary check of the $18,800 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 beneath the 50 stage.

Major Support Levels – $19,270, adopted by $19,200.

Major Resistance Levels – $19,320, $19,500 and $19,650.