Bitcoin Stays In Downtrend, What May Spark Sharp Upside


Bitcoin is buying and selling in a bearish zone beneath $19,500 towards the US Greenback. BTC may begin a pointy restoration wave if there’s a transfer above the $19,500 resistance.

  • Bitcoin failed to achieve tempo above the $19,500 and $19,600 resistance ranges.
  • The worth is now buying and selling beneath the $20,000 degree and the 100 hourly easy transferring common.
  • There’s a essential bearish pattern line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might begin a contemporary decline except there’s a transfer above the $19,500 resistance zone.

Bitcoin Value Eyes Upside Break

Bitcoin worth began one other decline beneath the $19,500 help zone. The worth even traded beneath the $19,000 help zone and spiked beneath the $18,800 degree.

A low was fashioned close to $18,738 and the value is now consolidating losses. There was a minor upward transfer above the $19,000 resistance zone. The worth climbed above the 23.6% Fib retracement degree of the latest decline from the $20,500 swing excessive to $18,738 low.

Nonetheless, the value is now going through a robust resistance close to the $19,400 zone and the 100 hourly easy transferring common. There may be additionally a vital bearish pattern line forming with resistance close to $19,500 on the hourly chart of the BTC/USD pair.

The pattern line is near the 50% Fib retracement degree of the latest decline from the $20,500 swing excessive to $18,738 low.

Supply: BTCUSD on TradingView.com

The following key resistance is close to the $19,800 zone. A transparent transfer above the pattern line resistance after which $19,800 might push the value additional greater. Within the said case, the value might rise in direction of the $20,500 degree. The following main resistance sits close to the $21,200 degree.

Recent Decline in BTC?

If bitcoin fails to clear the $19,500 resistance zone, it might begin one other decline. A direct help on the draw back is close to the $19,000 degree.

The following main help now sits close to the $18,700 degree, beneath which the value might decline closely. Within the said case, the value could maybe decline in direction of the $17,500 degree.

Technical indicators:

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

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

Main Help Ranges – $19,000, adopted by $18,700.

Main Resistance Ranges – $19,500, $19,800 and $20,500.



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