Bitcoin price is still ranging below $19,500 level. In case BTC manages to surpass $19,500, there could be a rally on the way. Here is a summary of Bitcoin price in the past 24 hours:

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  • Bitcoin failed to surpass $19,500 and $19,600.
  • Currently, BTC is below $20,000 and the 1-hour candles are below the SMA100.
  • On the 1-hour chart, we see a new downtrend with resistance level at $19,500.
  • In case BTC fails to surpass $19,500, there will be a strong dip to follow.

Bitcoin Price Action Analysis

Right below the $19,500, BTC headed for a new bottom and at some point dipped below $19,000. With a spike, the price momentarily touched $18,728 and is currently trying to recover. With that, BTC took back the $19,000 level and moved back above 23.6% Fibonacci retracement level from the latest fall from $20,500 to $18,738. Despite that, the price is still facing strong resistance at $19,400 and the SMA100. On the 1-hour chart, there is also a new downtrend forming with resistance at $19,500. Furthermore, this level is also near the 50% Fibonacci retracement level.

The first resistance level for Bitcoin is the $19,400 followed closely by $19,800. A successful breakthrough from these levels could pave the way for a new rally. In which case, the $20,500 and $21,200 will be the next resistance levels to follow.

On the other hand, if Bitcoin price fails to surpass $19,500, there could be further bearish action to expect. For this scenario, the $19,000 is the first support level followed by $18,700. Dipping below $18,700 could cause a dip and bring down BTC as low as $17,500.

The Technical Indicators

MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.

RSI: the 1-hour relative strength index is currently below 50.

Resistance levels: Right now, the $19,500, $19,800 and $20,500 are crucial resistance levels for BTC.

Support levels: The $19,000 and $18,700 are currently the key support levels for the price.

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