Bitcoin price lost the $19,500 support level and headed for a plunge. Currently, BTC is flashing bearish signals and is likely to fall down to $18,000. Here is a summary of Bitcoin price in the past 24 hours:

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  • BTC failed to maintain the uptrend and lost the $19,500 support.
  • At the moment, Bitcoin is trading below $19,000 and the 1-hour candles are below the SMA100.
  • On the 1-hour chart, we see a new downtrend forming with resistance at $19,420.
  • Potentially, there could be some bullish action but the $19,500 resistance is too strong.

Bitcoin Price Action Analysis

Bitcoin was unable to break through the $20,500 and $20,550 levels and took a downturn. Subsequently, it made multiple failed attempts to surpass but failed. Then, the price dipped below $19,500 and entered the red zone. By losing the $19,500 and the SMA100, the downtrend gained momentum and lost the $19,200 and $19,000. The 24-hour low for BTC is at $18,736. Furthermore, BTC has moved below the $50% Fibonacci retracement level at $19,420. Currently, the $19,420 and $19,800 are key resistance levels to beat.

On the other hand, if Bitcoin price fails to moved back above $19,000 and start a recovery, further decline will follow. In which case, the $18,650 and $18,500 are the first support levels for the price. Dipping below $18,500 could pave the way for a quick plunge. For this scenario, BTC could hit a low of $18,000.

The Technical Indicators

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

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

Resistance levels: Right now, the $19,000, $19,400 and $19,500 are crucial resistance levels for BTC.

Support levels: The $18,500 is currently the key support level for the price.

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