Bitcoin is Facing Uphill Task, Why Bears Could Gain Strength Below $19K

Bitcoin price broke the $ 19,200 resistance but is still struggling near $ 19,500 against the US dollar. BTC could drop sharply if there is a significant break below $ 19,150 and $ 19,000.

  • Bitcoin is struggling to get positive momentum above $ 19,400 and $ 19,500.
  • The price is approaching the $ 19,150 support and the 100 hour simple moving average.
  • The hourly chart of the BTC / USD pair (data feed from Kraken) broke above a large bearish trendline with a resistance of $ 19,150.
  • The pair has struggled to capitalize and is currently sliding off the swing high of $ 19,432.

Bitcoin price tries to break up

After a few spikes below $ 19,000, the Bitcoin price rose steadily. BTC broke the USD 19,000 resistance level and was even above the 100-hour average.

More importantly, the hourly chart of the BTC / USD pair broke above a large bearish trendline with a resistance of $ 19,150. The pair topped the $ 19,400 level but lacked any uptrend.

Bitcoin struggled to even test the $ 19,500 resistance level after breaking the trendline. A high is being formed near $ 19,432 and the price is currently falling. It broke the 23.6% fib retracement level of the recent wave from the low of $ 18,868 to the high of $ 19,432.

Source: BTCUSD on TradingView.com

The price is now approaching the $ 19,150 support and the 100 hour simple moving average. The broken trend line at $ 19,150 and the 100 hour simple moving average provide support.

The 50% fib retracement level of the recent wave from the low of $ 18,868 to the high of $ 19,432 is also near the $ 19,150 level. As long as the price is above $ 19,150 and the 100-hour SMA, another uptrend could try. The main resistance is still at $ 19,500, above which the price can potentially test $ 20,000.

Downward pause at BTC?

If Bitcoin doesn’t stay above the $ 19,150 support and the 100-hour simple moving average, it could plunge sharply. Initial support is near the USD 19,000 level.

A reasonable close below the $ 19,000 support could put pressure on the bulls and the bears should gain traction. The next big support is 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.

Main Resistance Levels – $ 19,400, $ 19,500, and $ 19,800.

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