{"id":451641,"date":"2020-12-07T03:48:42","date_gmt":"2020-12-07T03:48:42","guid":{"rendered":"https:\/\/wncen.com\/?p=451641"},"modified":"2024-06-11T12:00:11","modified_gmt":"2024-06-11T12:00:11","slug":"bitcoin-is-facing-uphill-task-19-5k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-is-facing-uphill-task-19-5k\/","title":{"rendered":"TA: Bitcoin is Facing Uphill Task, Why Bears Could Gain Strength Below $19K"},"content":{"rendered":"<p><em>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.<\/em><\/p>\n<ul>\n<li>Bitcoin is struggling to gain bullish momentum above $19,400 and $19,500.<\/li>\n<li>The price is approaching the $19,150 support and the 100 hourly simple moving average.<\/li>\n<li>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).<\/li>\n<li>The pair struggled to capitalize and it is currently sliding from the $19,432 swing high.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Attempting Upside Break<\/h2>\n<p>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 <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-could-correct-sharply-19k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>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.<\/p>\n<p>Bitcoin struggled to even test the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-could-surge-above-19-5k\/\" target=\"_blank\" rel=\"noopener \">$19,500 resistance<\/a> 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.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-5.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-451642\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-5.png?resize=1828%2C868\" alt=\"Bitcoin Price\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-5.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-5.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-5.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-5.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-5.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-5.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/12\/Bitcoin-5.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>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.<\/p>\n<p>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.<\/p>\n<h2>Downside Break in BTC?<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $19,150, followed by $19,000.<\/p>\n<p>Major Resistance Levels \u2013 $19,400, $19,500 and $19,800.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u2013 The MACD is slowly gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just above the 50 level. Major Support Levels \u2013 $19,150, followed by $19,000. Major Resistance Levels \u2013 $19,400, $19,500 and $19,800.<\/p>\n","protected":false},"author":67,"featured_media":451643,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-451641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin is Facing Uphill Task, Why Bears Could Gain Strength Below $19K<\/title>\n<meta name=\"description\" content=\"Bitcoin price broke the $19,200 resistance, but it is still struggling near $19,500. 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