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Home Technical analysis BTC

TA: Why Bitcoin is Vulnerable If It Continues To Struggle Near $19.5K

Aayush Jindal by Aayush Jindal
1 month ago
in BTC
Reading Time: 2min read
Bitcoin
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Bitcoin price remained in a bullish zone and it made another attempt to gain pace above $19,500 against the US Dollar. BTC is clearing struggling to stay above $19,500, which is a major breakout zone.

  • Bitcoin is slowly moving higher towards the $19,500 and $19,550 resistance levels.
  • The price is currently well above the $19,200 level and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower if it continues to struggle near $19,500 and $19,550.

Bitcoin Price is Facing a Major Hurdle

After forming a support base near $19,200, bitcoin price started a fresh increase. BTC broke the $19,400 resistance and it settled nicely above the 100 hourly simple moving average.

The price even spiked above $19,500 once again, but it failed to hold gains. A high is formed near $19,555 and the price is currently correcting lower. There was a drop below the $19,400 level, and the price traded close to the 50% Fib retracement level of the recent wave from the $19,083 swing low to $19,555 high.

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On the downside, there is a decent support forming near the $19,200 level. There is also a key rising channel forming with support near $19,200 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The channel support is close to the 76.4% Fib retracement level of the recent wave from the $19,083 swing low to $19,555 high. On the upside, the price is clearly facing a strong resistance near $19,500 and $19,550. Bitcoin price must settle above the $19,500 level and gain pace above $19,550 to rise towards the $19,800 and $20,000 resistance levels.

Downsides Supported in BTC?

If bitcoin starts another downside correction, it could find support near the $19,260 level. The first key support is near the channel lower trend line or $19,200.

A downside break below the channel support might lead the price towards the $19,000 support or the 100 hourly simple moving average. Any more losses may possibly spark a larger 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 dipping towards the 50 level.

Major Support Levels – $19,260, followed by $19,200.

Major Resistance Levels – $19,500, $19,550 and $20,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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