TA: Bitcoin Stuck In A Crucial Range, Why $19.5K Is The Key

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is still trading in a broad range below the $19,500 resistance against the US Dollar. BTC must gain strength above $19,500 to start a fresh rally in the near term.

Bitcoin is facing a strong resistance near the $19,500 and $19,580 levels.
The price is currently trading above the $19,000 support and the 100 hourly simple moving average.
There is a new important bearish trend line forming with resistance at $19,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to remain in a range, with high chances of an upside break above $19,500.

Bitcoin Price is Facing Hurdles

In the past few days, there were mostly range moves in bitcoin price below $19,500 and $19,600. BTC made a couple of attempt to gain strength above $19,400, but it failed to extend its rise.

The recent high was formed near $19,407 before the price moved lower in a range. A low is formed near $18,889 before the price corrected higher. It broke the 50% Fib retracement level of the recent decline from the $19,407 high to $18,889 low.

Bitcoin is now trading above the $19,000 support and the 100 hourly simple moving average. It is also testing the 61.8% Fib retracement level of the recent decline from the $19,407 high to $18,889 low.

An initial resistance is near the $19,280 level. There is also a new important bearish trend line forming with resistance at $19,350 on the hourly chart of the BTC/USD pair. A clear break above the trend line resistance could lead the price towards the main $19,500 resistance zone. To gain bullish momentum, the price must close above $19,500 and clear $19,580.

Bearish Wave in BTC?

If bitcoin fails to clear the $19,350 resistance zone, it could react to the downside. An initial support is near the $19,100 level and the 100 hourly simple moving average.

The first major support is near $19,000, followed by the $18,900 level. Any more losses might increase pressure on the bulls and the price might decline towards $18,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently sliding and it is just below the 50 level.

Major Support Levels – $19,000, followed by $18,900.

Major Resistance Levels – $19,350, $19,500 and $19,580.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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