Bitcoin price is still ranging below $19,500 level. In case BTC manages to surpass $19,500, there could be a rally on the way. Here is a summary of Bitcoin price in the past 24 hours:
Exchange Bitcoin to PayPal on HiExchange
- Bitcoin failed to surpass $19,500 and $19,600.
- Currently, BTC is below $20,000 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new downtrend with resistance level at $19,500.
- In case BTC fails to surpass $19,500, there will be a strong dip to follow.
Bitcoin Price Action Analysis
Right below the $19,500, BTC headed for a new bottom and at some point dipped below $19,000. With a spike, the price momentarily touched $18,728 and is currently trying to recover. With that, BTC took back the $19,000 level and moved back above 23.6% Fibonacci retracement level from the latest fall from $20,500 to $18,738. Despite that, the price is still facing strong resistance at $19,400 and the SMA100. On the 1-hour chart, there is also a new downtrend forming with resistance at $19,500. Furthermore, this level is also near the 50% Fibonacci retracement level.
The first resistance level for Bitcoin is the $19,400 followed closely by $19,800. A successful breakthrough from these levels could pave the way for a new rally. In which case, the $20,500 and $21,200 will be the next resistance levels to follow.
On the other hand, if Bitcoin price fails to surpass $19,500, there could be further bearish action to expect. For this scenario, the $19,000 is the first support level followed by $18,700. Dipping below $18,700 could cause a dip and bring down BTC as low as $17,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $19,500, $19,800 and $20,500 are crucial resistance levels for BTC.
Support levels: The $19,000 and $18,700 are currently the key support levels for the price.
HiExchange
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Also, the platform offers 24/7 customer support.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog
