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The Price of Bitcoin Continues to Receive Support



The Price of Bitcoin Continues to Receive Support

The price of bitcoin made an effort to build momentum over the resistance zone, located around $19,500, a few days ago. In fact, Bitcoin’s price even rose beyond $19,600 for a brief period, but there was no further movement.

After reaching an all-time high close to $19,696, the price began to decline. The price dropped below $19,500 and then $19,400. On the hourly chart of the BTC/USD pair, there was a breach below a crucial bullish trend line that had support at $19,400.

The bitcoin price dropped to $19,110 at one point, which is presently fluctuating. The price now fluctuates close to $19,250 and the 100 hourly simple moving average. Above the 23.6% Fibonacci retracement level of the current drop from the swing high of $19,696 to the low of $19,110, there was a break out to the upside.

Near the level of $19,400 is where buyers and bulls will encounter their first obstacle. It is near the 50% Fib retracement level of the latest drop, which began at the swing high of $19,696 and ended at the low of $19,110.

Break in the Downtrend for Bitcoin?

Further, near the level of $19,680 is where traders will encounter their first significant barrier. A decisive rise over the $19,680 resistance level might trigger a respectable price gain. The price may try to break over the $20,000 resistance level in the scenario described. If there are any additional increases, this might begin a continuous climb toward the $21,200 barrier.

Break in the Downtrend for Bitcoin?

If bitcoin cannot break above the resistance zone around $19,400, the price may continue to go downward. The region close to the $19,100 zone provides short-term support for the market.

Bitcoin price corrected lower below the $19,500 level against the USD. BTC remains in a key range and trading above the $19,000 support zone.

The region close to $19,000 is the next significant area of support. A considerable drop might get underway if the price of bitcoin breaks and stays below the $19,000 support zone. As it falls, the price may move closer to the support zone in the scenario presented, around $18,500.

Technical indicators:

The MACD is presently gaining velocity in the bullish zone after losing pace earlier.

RSI (Relative Strength Index) for the Hourly Timeframe – Currently, the RSI for BTC/USD is located below the threshold of 50.

The Major Support Levels are at $19,100, then $19,000, respectively.

There are three major resistance levels located at $19,400, $19,680, and $20,000 respectively.