ta:-bitcoin-is-facing-uphill-task,-why-bears-could-gain-strength-below-$19k

TA: Bitcoin is Facing Uphill Task, Why Bears Could Gain Strength Below $19K

Bitcoin ticket broke the $19,200 resistance, but it is some distance composed struggling end to $19,500 against the US Dollar. BTC could decline sharply if there might be a clear destroy below $19,150 and $19,000.

  • Bitcoin is struggling to invent bullish momentum above $19,400 and $19,500.
  • The payment is impending the $19,150 beef up and the 100 hourly easy transferring moderate.
  • There used to be a destroy above a significant bearish model line with resistance at $19,150 on the hourly chart of the BTC/USD pair (files feed from Kraken).
  • The pair struggled to capitalize and it is some distance at advise sliding from the $19,432 swing excessive.

Bitcoin Trace is Trying Upside Spoil

There used to be a right elevate in bitcoin ticket after a few spikes below $19,000. BTC broke the $19,000 resistance level and it even settled above the 100 hourly easy transferring moderate.

More importantly, there used to be a destroy above a significant bearish model line with resistance at $19,150 on the hourly chart of the BTC/USD pair. The pair surpassed the $19,400 level, but there used to be lack of bullish momentum.

adPlace

Bitcoin struggled to even take a look at the $19,500 resistance level after the model line destroy. A excessive is shaped end to $19,432 and the payment is at advise declining. It broke the 23.6% Fib retracement level of the most new wave from the $18,868 low to $19,432 excessive.

Bitcoin Price

Source: BTCUSD on TradingView.com

The payment is now impending the $19,150 beef up and the 100 hourly easy transferring moderate. The damaged model line at $19,150 and the 100 hourly easy transferring moderate are offering beef up.

The 50% Fib retracement level of the most new wave from the $18,868 low to $19,432 excessive is additionally end to the $19,150 level. As prolonged as the payment is above $19,150 and the 100 hourly SMA, it could maybe attempt yet any other upside destroy. The important thing resistance is composed end to $19,500, above which the payment also can unbiased presumably take a look at $20,000.

Downside Spoil in BTC?

If bitcoin fails to address above the $19,150 beef up and the 100 hourly easy transferring moderate, it could maybe decline sharply. An preliminary beef up is end to the $19,000 level.

A lawful end below the $19,000 beef up could elevate stress on the bulls and the bears are probably to invent traction. The following well-known beef up sits end to the $18,500 level.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is at advise marvelous above the 50 level.

Main Toughen Levels – $19,150, adopted by $19,000.

Main Resistance Levels – $19,400, $19,500 and $19,800.

Leave a comment