Bitcoin price failed to surpass the $19,400 resistance level and is currently consolidating below this level. In case it loses the $19,000 support, we can see a new downtrend forming. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin failed to surpass $19,400
- Currently, the price is below $19,400 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new downtrend forming with resistance level at $19,800.
- In case of losing the $19,000 support, we could expect further decline.
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Bitcoin Price Action Analysis
Bitcoin price made an attempt to surpass $19,450 yesterday but the selling pressure remained strong. With that, BTC continued ranging for hours but it did stay above the $19,000 support. Currently, the price is below $19,400 level and the 1-hour candles are below the SMA100.
The first resistance level for BTC is at $19,400 which is near the 23.6% Fibonacci retracement level from the latest fall from $21,894 to $18,624. The next resistance level will be $19,550 on the SMA100. Following that, the $19,800 will follow.
On the 1-hour chart, we have a new forming downtrend with resistance level at $19,800. In case of a successful break through, there could be some bullish action to follow. In which case, the $20,000 and $20,250 will come next as resistance levels. The $20,250 is near the 50% Fibonacci retracement level from the latest fall. Further growth can push BTC toward the 61.8 Fibonacci retracement level.
On the other hand, if Bitcoin price fails to surpass $19,400, there will be further decline to follow. With that, the $19,000 will be the first support level for BTC. Losing this level would likely push the price down to $18,600. Once again, losing this level could jump start a new bear run in short-term. For this scenario, the $18,300 and $18,150 are key support levels. Further decline can bring BTC down as low as $17,980, $17,800 and $17,650.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $19,800 is the crucial resistance level for BTC.
Support levels: The $19,000 and $18,650 and $17,650 are currently the key support levels for the price.
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