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Bitcoin price analysis: the most important supports and resistances facing the price

تحلیل قیمت بیت کوین: مهم‌ترین حمایت‌ها و مقاومت‌های پیش روی قیمت

Bitcoin has just started a new downtrend below the $19,200 level. A further break of the $19,000 support could lead to a deeper price drop.

To Report BTC News Bitcoin has been trading below the key levels of $20,000, $19,500 and the 100-hour simple moving average (MA 100 – red line in the image) for several days.

Bitcoin started a new downtrend at the beginning of today by breaking the support of $19,200, and as a result, the price dropped to the bottom of $18,970. Currently, the price of the candle is hovering around $19,000.

The price is still far from $19,500 and the 100-hour moving average, and a bearish trendline has formed a resistance at $19,260.

If the market goes up, the closest resistance in front of the price level will be $19,110. The 23.6% Fibonacci retracement level has formed a resistance in the same range. It should be noted that in this analysis, Fibonacci levels are set based on the downward movement of the price from $19,559 to the bottom of $18,970.

After $19,110, it is the turn of the $19,260 resistance of the downward trend line on the chart and the 50% Fibonacci retracement level. A break through this resistance will pave the way for Bitcoin to jump to $19,500 and the 100-hour simple moving average.

Bitcoin price analysis: the most important supports and resistances facing the price
Bitcoin price chart (click on the image to view the original size).

A continuation of the uptrend could push Bitcoin up to $19,600, after which there will be an opportunity for the price to jump to $20,000.

If Bitcoin continues to fail to break through the $19,260 resistance, the downtrend from earlier today will continue. In this case, the closest support ahead of the price will be the $19,000 level.

The next key support is $18,920, and a break of this level could lead to Bitcoin falling to the $18,500 support.

The MACD is accelerating in the bearish range and the Relative Strength Index (RSI) is below the middle axis at the 50 level.

As mentioned, $19,000 and $18,500 are key supports for Bitcoin, and $19,260, $19,500, and $20,000 act as resistances.

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