Bitcoin is trading in a bearish zone below $19,500 against the US Dollar. BTC might start a sharp recovery wave if there is a move above the $19,500 resistance.
- Bitcoin failed to gain pace above the $19,500 and $19,600 resistance levels.
- The price is now trading below the $20,000 level and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh decline unless there is a move above the $19,500 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin price started another decline below the $19,500 support zone. The price even traded below the $19,000 support zone and spiked below the $18,800 level.
A low was formed near $18,738 and the price is now consolidating losses. There was a minor upward move above the $19,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low.However, the price is now facing a strong resistance near the $19,400 zone and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC/USD pair.
The trend line is close to the 50% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low.
Source:The next key resistance is near the $19,800 zone. A clear move above the trend line resistance and then $19,800 could push the price further higher. In the stated case, the price could rise towards the $20,500 level. The next major resistance sits near the $21,200 level.