Bitcoin price bounced back from $18,223. With that, the price moved back above $19,000 but is currently facing the SMA100. Here is a summary of Bitcoin price in the past 24 hours:
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- BTC fell down to $18,223 at the lowest price in the past week. But, it managed to form a reversal and turned upward.
- Currently, BTC is trading below $20,000 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new downtrend forming with resistance at $19,650.
- In order to turn bullish, Bitcoin must surpass the $19,650 and the SMA100.
Bitcoin Price Action Analysis
Bitcoin price stabilized below $19,000 and lost the $18,500 support then reached a low of $18,223. Despite that, it did not test the $18,000 support since the buyers rose to support it.
Subsequently, BTC took back $18,500 and $18,800. Then, it moved above the 50% Fibonacci retracement level from the latest fall from $20,198 to $18,223. It even had a spike up to $19,500 but once again the sellers took back control on the SMA100. On the 1-hour chart, we see a new downtrend forming with resistance at $19,650. This level is right on the 76.4% Fibonacci retracement level from the latest dip.
The $19,600 is the first resistance level for Bitcoin followed by the key level at $20,000. Further growth can push BTC up to $20,500. Furthermore, if the buyers remain strong, BTC can touch $21,200.
On the other hand, if Bitcoin price fails to surpass $19,600, there could be a new downtrend. In which case, the $19,200 will be the first support level followed by $18,850. Losing the $18,850 and $18,500 can bring the price down to $18,223 and lower.
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 above 50.
Resistance levels: Right now, the $19,600, $20,000 and $20,500 are crucial resistance levels for BTC.
Support levels: The $18,850 is currently the key support level for the price.
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