Bitcoin Price Lacks Momentum But BTC Holders Are Safe: Here’s Why


Bitcoin price struggled to clear the $20,000 resistance area against the US Dollar. BTC may drop, but a major support awaits near the $18,900 region.

  • Bitcoin failed to gain momentum to move above the $20,000 resistance area.
  • The price is trading below $19,400 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $19,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could move further lower to test the $18,900 support area in the near term.

Bitcoin price gains

Bitcoin price try good increase Above the $19,500 resistance area. BTC rose above the $19,800 level, but the bears were active near the $20,000 resistance area.

The price traded as high as $19,939 before a fresh low occurred. There was a drop below $19,500 and $19,400. Bears pushed the price below the 50% Fibonacci retracement level of upward movement From a swing low of $18,271 to a high of $19,939.

Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $19,250 on the hourly chart of the BTC/USD pair.

On the upside, there is an immediate resistance near the $19,220 level. The first major resistance is near the $19,250 level and the trendline. A clear move above trend line resistance could push the price towards the $19,500 resistance area.

Bitcoin price

source: BTCUSD on TradingView.com

The main resistance is still near the $20,000 area. Any further gains may start to increase steadily towards the $21,200 resistance area.

Dips Limited in BTC?

If Bitcoin fails to rise above the $19,250 resistance area, it may continue to decline. There is immediate support to the downside near the $19,000 region.

The next major support is near the $18,900 region. It is near the 61.8% Fibonacci retracement level of the upward move from the $18,271 swing low to $19,939 high. A bearish breakout below the $18,900 support area may increase selling pressure. In the mentioned case, the price could drop towards the $18,500 support area.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now approaching the 50 level.

Key support levels – $19,000, followed by $18,900.

Key resistance levels – $19,250, $19,500 and $20,000.



Leave a Comment

Your email address will not be published. Required fields are marked *