Bitcoin at a Standstill: A Trendline Keeps Prices Below $19,500 Bearish
Skerdian Meta • 2 min read
Bitcoin has begun an upward correction against the US dollar above $19,000. BTC is currently seeing heavy resistance at the $19,350 and $19,500 levels. BITCOIN is attempting an upward correction above $19,000.
The price remains below $19,500 as well as 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 $19,420. To continue upward towards $20,500, the pair must break through the trend line and the 100 hourly SMA.
Bitcoin Under Pressure Amid Stronger Dollar
From the $18,223 low, the Bitcoin price began a short-term uptrend. BTC was able to break through the $18,800 and $19,000 resistance levels. It even broke through the $19,350 resistance level. The price, however, encountered significant resistance near the $19,650 mark and the 100 hourly simple moving average. A high was made near $19,678, and the price began to fall again. The price fell below the $19,500 and $19,400 thresholds.
Bitcoin fell below the 50% Fib retracement level of the upward advance from the swing low of $18,223 to the high of $19,678. The bulls are now guarding the $18,800 support level. The 61.8% Fib retracement level of the upward run from the swing low of $18,223 to the high of $19,678 is functioning as support. On the upside, an immediate resistance level is near $19,200. The next significant resistance level is $19,350.
On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $19,420. A decisive break above the trend line, the 100 hourly simple moving average, and $19,500 might pave the way for a rise to $20,000 or higher. Any further advances might push the price up to the $20,500 resistance level.
What Happens if BTC Breaks Through Support?
If Bitcoin fails to rise above the $19,350 resistance level, it may begin a new downturn. On the downside, there is immediate support near $18,800. The next big support is around $18,550.
A clean break below the $18,550 level could set the stage for a greater drop. In the aforementioned scenario, the price may even fall below the $18,223 swing low.