Over the $19,200 support area, the price of bitcoin is consolidating its losses vs the US dollar. In the event that there is a definite climb above $19,700, BTC may begin a new rally.
Bitcoin Price Maintains Major Support
The price of bitcoin began a new decline from well above the $20,200 barrier. BTC dropped under the $20k and $19,800 levels before entering a bearish area. Even deeper below the $19,500 barrier and the 100 hourly simple moving average, the bears dragged the price. It just began a short-term upside correction and traded as low as $19,249 at one time. Above the $19,400 and $19,500 levels, there was a slight increase.
On the hourly chart of the BTC/USD pair, there was a break over a key negative trend line with resistance close to $19,450. The price of bitcoin tested the 23.6% Fib retracement level of the slide from the swing high of $20,443 to the low of $19,249 in the price.
Near the $19,550 mark, there is immediate resistance on the upside. Near the $19,700 region and the 100 hourly simple moving average, the next significant resistance is located.
The price may increase nearing the 50% Fib retracement level of the slide from the $20,443 swing high to the $19,249 low if the $19,700 barrier is correctly closed above. The price could break beyond the $20,000 threshold with any more increases. Price could increase toward the $20,500 resistance level in the scenario described.
BTC Dips Limited?
Bitcoin may continue to decline if it is unable to break through the $19,700 resistance level. On the downside, there is near-immediate support around the $19,400 region.
The $19,250 region acts as the next significant support. More losses could ensue with a fall breach below the $19,250 support region. The risk of a move reaching the $18,500 support zone exists in the scenario outlined.
Hourly MACD: In the negative zone, the MACD is currently gaining pace.
Relative Strength Index (RSI) for BTC/USD is now above the 50 mark on an hourly basis.
$19,400 for Major Support Leves, then $19,250.
Three important resistance levels exist: $19,700, $20,000, and $20,500.