Bitcoin started an upside correction above $19,000 against the US Dollar. BTC is now struggling to clear the $19,400 and $19,500 resistance levels.
- Bitcoin traded as low as $18,550 and started an upside correction.
- The price is now trading below the $19,500 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $19,310 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might start another drop unless there is a clear move above the $19,500 resistance.
Bitcoin Price Faces Resistance
Bitcoin price started a major decline below the key $19,500 support zone. BTC gained pace for a move below the $19,000 level and the 100 hourly simple moving average.
The price even traded below the $19,000 level and tested $18,500. A low was formed near $18,550 and the price recently started an upside correction. There was a move above the $19,000 resistance zone. The bulls pushed the price above the 23.6% Fib retracement level of the key drop from the $20,172 swing high to $18,550 low. However, the bears remained active near the $19,500 resistance zone. There is also a major bearish trend line forming with resistance near $19,310 on the hourly chart of the BTC/USD pair.Bitcoin faced rejection near the 50% Fib retracement level of the key drop from the $20,172 swing high to $18,550 low. It is now trading below the $19,500 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $19,300 level.
Source:The next major resistance sits near the $19,500 level. A clear move above the $19,500 resistance might start a steady increase to $20,000. Any more gains might send the price towards the $20,500 resistance zone.