Bitcoin price slowly moved lower below $19,200 against the US Dollar. BTC is still trading above the main breakdown support near the $18,500 zone.
- Bitcoin is slowly moving lower and there was a spike below the $19,000 level.
- The price is trading below $19,200 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $19,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a steady increase if there is a clear move above $19,200 and then $19,500.
Bitcoin Price Holds Support
Bitcoin price started a slow decline from just above the $19,500 resistance zone. BTC declined below the $19,250 and $19,200 support levels to move into a short-term bearish zone.
The bears even pushed the price below the $19,000 level and there was a close below the 100 hourly simple moving average. The price traded as low as $18,900 and is currently correcting higher. There was a move above the $19,000 level.Bitcoin price is now trading below $19,200 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $19,180 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $19,090 level. It is close to the 23.6% Fib retracement level of the recent decline from the $19,697 swing high to $18,900 low. The first major resistance sits near the $19,200 level and the trend line.