Bitcoin worth corrected beneath the $19,500 level in opposition to the US Greenback. BTC stays in a key vary, trading above the $19,000 help zone.

• Bitcoin failed to achieve energy above $19,600 and corrected positive factors.
• The value is trading close to $19,250 and the 100 hourly easy transferring common.
• There was a break beneath a key bullish pattern line with help close to $19,400 on the hourly chart of the BTC/USD pair (knowledge feed by Kraken).
• The pair may try a contemporary enhance until there’s a clear transfer beneath the $19,000 help.

Bitcoin worth continues to be supported

Bitcoin worth made an try to interrupt above the $19,500 resistance zone. BTC even surged above the $19,600 level however there was no follow-up transfer.

The value made a high at $19,696 and began a downward correction. There was a transfer beneath the $19,500 and $19,400 ranges. Additionally, there was a break beneath a key bullish pattern line with help close to $19,400 on the hourly chart of the BTC/USD pair.

Bitcoin worth traded as little as $19,110 and is at present trading in a variety. It’s trading close to $19,250 and the 100 hourly easy transferring common. There was a break above the 23.6% Fib retracement level of the latest decline from the $19,696 high to $19,110 low.

On the upside, there’s an instantaneous resistance close to $19,400. It’s near the 50% Fib retracement level of the latest drop from the $19,696 high to $19,110 low.

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $19,680 level. A transparent transfer above the $19,680 resistance might begin a good climb. Within the talked about case, the worth may maybe check the $20,000 resistance. Any additional positive factors might set off a gentle rise in the direction of the $21,200 resistance zone.

BTC draw back?

If bitcoin fails to scale above the $19,400 resistance zone, it might proceed to maneuver decrease. Rapid help on the draw back is close to the $19,100 zone.

The subsequent main help is close to the $19,000 zone. A draw back break and an in depth beneath the $19,000 help zone might set off a significant decline. Within the talked about case, the worth might drop in the direction of the $18,500 help zone.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 level.

Key help ranges – $19,100 adopted by $19,000.

Main resistance ranges – $19,400, $19,680 and $20,000.