Bitcoin price is struggling to climb above the $20,000 resistance against the US Dollar. BTC could drop sharply if there is a close below the $18,500 support.
- Bitcoin remained in a range and remained above the $19,000 support area.
- The price is trading below $19,400 and the 100 hourly simple moving average.
- There was a break below the major uptrend line with support near $19,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new decline if there is a clear move below the $18,500 support.
Bitcoin price stuck in a range
Bitcoin price attempted a fresh increase above the $19,000 resistance area. BTC rose above the $19,250 level and the 100 hourly simple moving average.
The price has risen at a faster rate than Resistance $19,500 It rose above $20,000. However, the bears were active above the $20,000 resistance area. A top formed near $20177 and the price started a downside correction.
There was a move below the $19,500 level. Besides, there was a break below the major uptrend line with support near $19,350 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading at less than $19,400 and 100 hourly simple moving average.
The bottom was formed near $18,937 and the price is consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $17,770 high-swing to $18.937 level.
On the upside, there is an immediate resistance near the $19,400 level and the hourly 100 SMA. The next major resistance is near the $5,660 area. It is close to the 50% Fib retracement level of the recent decline from $20177 and the swing high to $18.937 low.
source: BTCUSD on TradingView.com
A clear move above the $5,660 resistance might start a new increase. In the mentioned case, the price may cross the $20,000 resistance area. The next major resistance is near the $20,500 area.
Another drop in bitcoin?
If Bitcoin fails to rise above the $5,660 resistance area, it may start a new decline. There is immediate support to the downside near the $19,000 region.
The next major support is near the $18.580 region. The main support is near $18,500, below which there could be a sharp drop to $18,000. Any further losses could lead to a decline towards the $17,500 support level.
Hourly MACD – The MACD is now losing its momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $19,000, followed by $18.580.
The main resistance levels are $19,560, $20,000, and $20,500.