Bitcoin began an upward correction above $19,000 towards the US Greenback. BTC is now struggling to clear the $19,400 and $19,500 resistance ranges.

• Bitcoin traded as little as $18,550 and began an upward correction.
• The value is now trading beneath the $19,500 level and the 100 hourly easy transferring common.
• There’s a main bearish development line forming with resistance close to $19,310 on the hourly chart of the BTC/USD pair (information feed by Kraken).
• The pair may begin one other decline except there’s a clear transfer above the $19,500 resistance.

Bitcoin worth is dealing with resistance

Bitcoin worth began a pointy decline beneath the important thing $19,500 help zone. BTC gained tempo for a transfer beneath $19,000 and the 100 hourly easy transferring common.

The value even traded beneath the $19,000 level and examined $18,500. A low was shaped at $18,550 and the worth not too long ago began an upward correction. There was a transfer above the $19,000 resistance zone. The bulls pushed the worth above the 23.6% Fib retracement level of the primary decline from the $20,172 high to the $18,550 low.

Nevertheless, the bears remained energetic close to the $19,500 resistance zone. There may be additionally a serious bearish development line forming with resistance close to $19,310 on the hourly chart of the BTC/USD pair.

Bitcoin was rejected close to the 50% Fib retracement level of the primary decline from the $20,172 high to the $18,550 low. It’s now trading beneath the $19,500 level and the 100 hourly easy transferring common. On the upside, there may be a right away resistance close to $19,300.

Supply: BTCUSD on TradingView.com

The following main resistance is close to $19,500. A transparent transfer above the $19,500 resistance may begin a gradual climb to $20,000. Additional features may ship the worth in direction of the $20,500 resistance zone.

BTC falling once more?

If bitcoin fails to start out a restoration wave above the $19,500 zone, it may proceed decrease. Instant help on the draw back is close to the $19,000 zone.

The following main help is close to the $18,550 level. A draw back break beneath the $18,550 help may set off extra draw back. Within the talked about case, the worth would possibly drop in direction of the $18,000 help.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

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

Key help ranges – $19,000 adopted by $18,550.

Main resistance ranges – $19,300, $19,500 and $20,000.