Bitcoin price is consolidating near the $19,000 level against the US dollar. Bitcoin appears to be forming a bullish trend in the short term and may rise towards $20,000.
- Bitcoin is struggling to gain pace to move above the $19,200 level.
- The price is trading below the $19,400 top and the 100 hourly simple moving average.
- There is a new solid bearish trend line forming with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new high unless there is a clear move below the $18,950 level.
Bitcoin price is still in the range
Bitcoin price is seen trading in a range below the $20,000 resistance area. BTC even settled below the $19,500 level and the 100 hourly simple moving average.
The last swing low was formed near $18,860 before there was a slight upward correction. The price was able to surpass the 23.6% Fib retracement level of the downward movement from the high swing high of $5,660 to the low of $18,860. The bulls pushed the price above the $19,200 level.
However, the bears were active above the $19,200 level. Bitcoin Price Struggle To clear the 50% Fibonacci retracement level of the downside move from the $19,560 high swing high to $18,860 low.
It is now trading below $19,400 and the 100 hourly simple moving average. It appears that a short-term inverted head and shoulders pattern is forming with the breakdown support at $18,950. On the upside, there is an immediate resistance near the $19,200 level. There is also a new solid bearish trend line forming with resistance near $19,200 on the hourly chart of the BTC/USD pair.
source: BTCUSD on TradingView.com
A clear move above the trend line could send the price towards the $19,500 resistance. Any further gains could start a steady increase towards the $20,000 resistance area.
More losses in bitcoin?
If Bitcoin fails to rise above the $19,200 resistance area, it may continue to decline. There is immediate support to the downside near the $18,950 region.
The next major support is near the $18,860 region. A break-down below the $18,860 support area sends the price towards the $18,550 level. Any further losses could lead to a decline towards the $17,800 support area.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
The main support levels are $18,950, followed by $18,860.
The key resistance levels are $19,200, $19,500 and $20,000.