Bitcoin has maintained the important support of $18,500 for the past few hours. Now, if buyers want to turn the market trend in their favor, they need to break through the $20,000 barrier.
To Report News BTC, Bitcoin was trying to reach the $19,500 resistance two days ago. The move ended with the formation of a peak near $19,400.
Bitcoin’s exact all-time high is $19,392 and the recent downtrend started from this point. First, the support of $19,000 and the 100-hour simple moving average (MA 100 – red line in the picture) were lost, and shortly after, the price dropped to the bottom of $18,645.
Buyers, however, quickly entered the market to support the price, bringing Bitcoin back above $18,800 and the 23.6% Fibonacci retracement level. It should be mentioned that in this analysis Fibonacci levels are set based on the downward movement of the price from $19,392 to the bottom of $18,645.
Currently, the closest resistance facing Bitcoin is the $19,000 level. The 50% Fibonacci retracement level and the downtrend line on the chart have also formed resistance near $19,020.
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The next key resistance is the $19,500 level. The crossing and closing of the price candle above this level could be the beginning of an increase in the price of Bitcoin to the level of $20,000. The continuation of the upward trend will pave the way for the price to jump up to $21,500.
On the other hand, if Bitcoin fails to break through the $19,500 resistance, the closest support in front of the price will be the $18,650 level. The next key support is at $18,500. Breaking this critical level may also lead to Bitcoin falling to the $17,500 level.
The MACD is losing momentum in the bearish range and the Relative Strength Index (RSI) is below the middle axis at the 50 level.
As mentioned, $18,650 and $18,500 are key supports for Bitcoin, and $19,000 and $19,500 act as resistances.