Bitcoin price broke the $ 19,200 resistance, but it is still struggling near $ 19,500 against the US Dollar. BTC could decline sharply if there is a clear break below $ 19,150 and $ 19,000.
- Bitcoin is struggling to gain bullish momentum above $ 19,400 and $ 19,500.
- The price is approaching the $ 19,150 support and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance at $ 19,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair struggled to capitalize and it is currently sliding from the $ 19,432 swing high.
Bitcoin Price is Attempting Upside Break
There was a steady increase in bitcoin price after a couple of spikes below $ 19,000. BTC broke the $ 19,000 resistance level and it even settled above the 100 hourly simple moving average.
More importantly, there was a break above a major bearish trend line with resistance at $ 19,150 on the hourly chart of the BTC/USD pair. The pair surpassed the $ 19,400 level, but there was lack of bullish momentum.
Bitcoin struggled to even test the $ 19,500 resistance level after the trend line break. A high is formed near $ 19,432 and the price is currently declining. It broke the 23.6% Fib retracement level of the recent wave from the $ 18,868 low to $ 19,432 high.
Source: BTCUSD on TradingView.com
The price is now approaching the $ 19,150 support and the 100 hourly simple moving average. The broken trend line at $ 19,150 and the 100 hourly simple moving average are providing support.
The 50% Fib retracement level of the recent wave from the $ 18,868 low to $ 19,432 high is also near the $ 19,150 level. As long as the price is above $ 19,150 and the 100 hourly SMA, it could attempt another upside break. The main resistance is still near $ 19,500, above which the price may possibly test $ 20,000.
Downside Break in BTC?
If bitcoin fails to stay above the $ 19,150 support and the 100 hourly simple moving average, it could decline sharply. An initial support is near the $ 19,000 level.
A proper close below the $ 19,000 support might increase pressure on the bulls and the bears are likely to gain traction. The next major support sits near the $ 18,500 level.
Technical indicators:
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level.
Major Support Levels – $ 19,150, followed by $ 19,000.
Major Resistance Levels – $ 19,400, $ 19,500 and $ 19,800.
