Bitcoin price has recently corrected below the $19,500 level. $19,000 is still the key support for Bitcoin, and crossing $20,000 requires a change in the market trend and breaking of the upcoming resistances.
To Report News BTC, Bitcoin, which was trying to cross $19,500 yesterday, passed the resistance of $19,600 on its upward path and even grew to $19,700 at one point. However, buyers appeared unsuccessful in crossing this resistance.
The peak of yesterday’s price was formed at $19,700 and after that the downward correction of Bitcoin has started. This price correction caused Bitcoin to fall back below $19,500 and $19,400 and lose support from the uptrend line on the chart below. Finally, the price dropped to $19,110.
Bitcoin is now hovering around $19,250, the 100-hour moving average (MA 100 – red line in the image) and the 23.6% Fibonacci retracement level. In this analysis, Fibonacci levels are set based on the downward movement of the price from $19,700 to the bottom of $19,110.
If the market goes up, the closest resistance in front of Bitcoin is the $19,400 level (Fibonacci 50% retracement level), and then it will be $19,680.
A decisive price crossing of $19,680 can be a stimulus to start a new upward movement. In this case, $20,000 and $21,200 will be the next bullish targets for Bitcoin.
Now, if Bitcoin fails to break through $19,400, the downtrend is likely to resume. In this case, the closest support in front of Bitcoin will be $19,100.
The next key support is at $19,000 and breaking it could lead to a deeper price fall. In this case, Bitcoin will drop to $18,500.
The MACD is losing its momentum in the bearish range and the Relative Strength Index (RSI) is below the middle axis at the 50 level.
As mentioned, $19,100 and $19,000 are key supports for Bitcoin, and $19,400, $19,680, and $20,000 are acting as resistances.