Bitcoin price is consolidating losses above the $19,200 support area against the US Dollar. BTC could start a new increase if there is a clear move above $19,700.
- Bitcoin is facing a barrier near the $19,550 and $19,600 resistance levels.
- The price is below $20,100 and a 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $19,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a clear move above the $19,700 resistance.
Bitcoin price holds major support
Bitcoin price started a new low From a level well above $2,200. BTC fell below $20,000 and $19,800 to move into a bearish zone.
The bears even pushed the price below the $19,500 level and the 100 hourly simple moving average. It traded as low as $19,249 and recently started a short-term bullish correction. There was a slight increase above the $19,400 and $19,500 levels.
There was a break above the major downtrend line with resistance near $19,450 on the hourly chart of the BTC/USD pair. Bitcoin price tested the 23.6% Fibonacci retracement level of the downside move from $20,443 high to $19,249.
On the upside, there is an immediate resistance near the $19,550 level. The next major resistance is near the $19,700 area and Simple moving average per 100 hours.
Source: BTCUSD on TradingView.com
A proper close above the $19,700 resistance could send the price towards the 50% Fib retracement level of the downside move from the $20,443 swing high to the $19,249 low. Any further gains could send the price above the $20,000 resistance. In the mentioned case, the price may rise towards the $20,500 resistance.
Dips Limited in BTC?
If Bitcoin fails to rise above the $19,700 resistance area, it may continue to decline. There is immediate support to the downside near the $19,400 region.
The next major support is near the $19,250 area. A break-down below the $19,250 support area could lead to further losses. In the mentioned case, there is a risk of a move towards the $18,500 support area.
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 – $19,400, followed by $19,250.
Key resistance levels – $19,700, $20,000 and $20,500.