Bitcoin Price Stuck Below Resistance, Why Bears Could Plan More Losses

Bitcoin has started an upward correction above $19,000 against the US dollar. BTC is now facing strong resistance near the $19,350 and $19,500 levels.

  • Bitcoin is attempting an upward correction above the $19,000 level.
  • The price is still below $19,500 and below the 100 hourly simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken) there is a large bearish trendline with resistance near $19,420.
  • The pair needs to clear the trend line and the 100 hour SMA to continue higher towards $20,500.

The price of Bitcoin has hit a snag.

Bitcoin price has started a short-term upside correction from the $18,223 low. BTC managed to climb above the $18,800 and $19,000 levels. In fact, it cleared the protection zone of $19,350.

However, the price faced strong resistance near the $19,650 level and the 100 hourly simple moving average. A high was formed around $19,678 and the price started a new downtrend. There was a move below the $19,500 and $19,400 levels.

Bitcoin price traded below the 50% Fib retracement level from the swing low of $18,223 to a high of $19,678. The bulls are now waiting for the $18,800 support zone.

The upside 61.8% Fib retracement level from $18,223 low to $19,678 is acting as support. On the downside, immediate resistance is near the $19,200 level. The next major resistance sits near the $19,350 level.

Bitcoin price

Source: BTCUSD on

There is a major bearish trendline with resistance near $19,420 on the hourly chart of the BTC/USD pair. A clear move above the trend line, 100 hourly simple moving average and $19,500 could open the door to a move towards the $20,000 level. Any further gains could send the price towards the $20,500 resistance zone.

A new discount in BTC?

If Bitcoin fails to sustain above the $19,350 resistance zone, a new downtrend may begin. Immediate support is near the $18,800 zone.

The next major support is near the $18,550 level. A clear move below the $18,550 zone could pave the way for a major decline. In the mentioned scenario, the price may drop below the swing low of $18,223.

Technical indicators:

Hourly MACD – MACD is now losing momentum in a bullish zone.

Hourly RSI (Relative Strength Index) – The BTC/USD RSI is now near the 50 level.

Major support levels – $18,800, then $18,550.

Major resistance levels – $19,200, $19,350 and $19,500.

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