Bitcoin price lost the $19,500 support level and headed for a plunge. Currently, BTC is flashing bearish signals and is likely to fall down to $18,000. Here is a summary of Bitcoin price in the past 24 hours:
Exchange Bitcoin to PayPal on HiExchange
- BTC failed to maintain the uptrend and lost the $19,500 support.
- At the moment, Bitcoin is trading below $19,000 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new downtrend forming with resistance at $19,420.
- Potentially, there could be some bullish action but the $19,500 resistance is too strong.
Bitcoin Price Action Analysis
Bitcoin was unable to break through the $20,500 and $20,550 levels and took a downturn. Subsequently, it made multiple failed attempts to surpass but failed. Then, the price dipped below $19,500 and entered the red zone. By losing the $19,500 and the SMA100, the downtrend gained momentum and lost the $19,200 and $19,000. The 24-hour low for BTC is at $18,736. Furthermore, BTC has moved below the $50% Fibonacci retracement level at $19,420. Currently, the $19,420 and $19,800 are key resistance levels to beat.
On the other hand, if Bitcoin price fails to moved back above $19,000 and start a recovery, further decline will follow. In which case, the $18,650 and $18,500 are the first support levels for the price. Dipping below $18,500 could pave the way for a quick plunge. For this scenario, BTC could hit a low of $18,000.
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 $19,000, $19,400 and $19,500 are crucial resistance levels for BTC.
Support levels: The $18,500 is currently the key support level 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
