Bitcoin Continues to Struggle Under $20,000 – Quick Daily Outlook

 BITCOIN has begun an upward correction against the US dollar above $19,000. BTC is battling to break through the $19,400 and $19,500 resistance levels. Bitcoin dropped as low as $18,550 before beginning an upward correction. The price is currently trading below the $19,500 mark and the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $19,310. Unless there is a decisive rise over the $19,500 resistance, the pair may begin another slide.

Bitcoin’s price began to precipitate below the critical $19,500 support level. BTC accelerated its slide below $19,000 and the 100 hourly simple moving average. The price even fell below $19,000 and tested $18,500. A low was created near $18,550, and the price has recently begun to rise. The price rose just above the $19,000 resistance level.

Price was pushed above the 23.6% Fib retracement level of the crucial drop from the $20,172 swing high to the $18,550 low by the bulls.

The bears, on the other hand, remained aggressive near the $19,500 resistance level. On the hourly timeframe of the BTC/USD pair, a big negative trend line is forming with resistance near $19,310.

Bitcoin was rejected around the 50% Fib retracement level of the crucial drop from the swing high of $20,172 to the low of $18,550. It currently trades below $19,500 and the 100 hourly simple moving average. On the upside, an immediate resistance level is near $19,300.

The next significant resistance level is at $19,500. A clear break above the $19,500 resistance level might kick-start a sustained rise to $20,000. Any further advances might push the price to the $20,500 resistance level.