Bitcoin price is struggling to climb higher above $19,200 against the US Dollar. BTC could start a major decline if it breaks the $18,900 and $18,500 support levels.
- Bitcoin failed to gain pace and remained in a bearish zone below $19,500.
- The price is trading below $19,400 and the 100 hourly simple moving average.
- There is a short-term breakout pattern forming with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a steady recovery if there is a clear move above $19,200 and then $19,500.
Bitcoin Price Continues To Struggle
Bitcoin price attempted a move towards the $19,500 resistance zone. BTC remained in a bearish zone and even failed to clear the $19,400 level. A high was formed near $19,344 and there was a fresh decline.
The price declined below the $19,200 level and tested $18,950. A low is formed near $18,938 and the price is now consolidating losses. It traded above the 23.6% Fib retracement level of the recent drop from the $19,344 swing high to $18,938 low.Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average. There is also a short-term breakout pattern forming with resistance near $19,200 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $19,150 level. It is close to the 50% Fib retracement level of the recent drop from the $19,344 swing high to $18,938 low. The first major resistance sits near the $19,200 level and the trend line.