Bitcoin Price Continues to Consolidate Above $19,000 – Quick Technical Outlook
Bitcoin has struggled to break through the $20,000 resistance level against the US dollar. BTC may fall, but a crucial support level lurks near $18,900. BITCOIN price sought to rise above the $19,500 resistance level.
BTC even surpassed the $19,800 mark; bears were aggressive around the $20,000 resistance region.
The price reached as high as $19,939 before falling again. The price fell below the $19,500 and $19,400 thresholds. The bears even drove the price underneath the 50% Fib does seem to be an uprun from the swing low of $18,271 to the high of $19,939.
Bitcoin is trading below the $19,400 mark and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key negative trend line is forming with resistance near $19,250. On the upswing, an immediate resistance level is near $19,220. The first significant barrier is located between the $19,250 level and the trend line. A clear break over the trend line resistance might push the price to the $19,500 barrier level.
The biggest barrier is still around the $20,000 mark. Any further advances might sustain a rise toward the $21,200 barrier zone. If bitcoin fails to break through the $19,250 barrier level, it may continue to fall. On the downside, there is immediate support near $19,000.
Bitcoin (BTC/USD) Technical Outlook
The next big support level is around $18,900. It is close to the 61.8% Fib retracement level of the upward run from the swing low of $18,271 to the high of $19,939.
A break below the $18,900 support level may intensify selling pressure. In the scenario above, the price could fall toward the $18,500 support zone.
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