TA: Bitcoin Price Stuck Below Resistance, Why Bears Could Aim More Losses
September 20 2022 - 9:28PM
NEWSBTC
Bitcoin started an upside correction above $19,000 against the US
Dollar. BTC is now facing a strong resistance near the $19,350 and
$19,500 levels. Bitcoin is attempting an upside correction above
the $19,000 level. The price is still trading below $19,500 and the
100 hourly simple moving average. There is a major bearish trend
line forming with resistance near $19,420 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair must clear the
trend line and the 100 hourly SMA to continue higher towards
$20,500. Bitcoin Price Faces Hurdles Bitcoin price started a
short-term upside correction from the $18,223 low. BTC was able to
climb above the $18,800 and $19,000 levels. It even cleared the
$19,350 resistance zone. However, the price faced a strong
resistance near the $19,650 level and the 100 hourly simple moving
average. A high was formed near $19,678 and the price started a
fresh decline. There was a move below the $19,500 and $19,400
levels. Bitcoin price traded below the 50% Fib retracement level of
the upward move from the $18,223 swing low to $19,678 high. The
bulls are now protecting the $18,800 support zone. The 61.8% Fib
retracement level of the upward move from the $18,223 swing low to
$19,678 high is acting as a support. On the upside, an immediate
resistance is near the $19,200 level. The next major resistance
sits near the $19,350 level. Source: BTCUSD on TradingView.com
There is also a major bearish trend line forming with resistance
near $19,420 on the hourly chart of the BTC/USD pair. A clear move
above the trend line, the 100 hourly simple moving average, and
$19,500 could open the doors for a move towards the $20,000 level.
Any more gains might send the price towards the $20,500 resistance
zone. Fresh Decline in BTC? If bitcoin fails to continue higher
above the $19,350 resistance zone, it could start a fresh decline.
An immediate support on the downside is near the $18,800 zone. The
next major support is near the $18,550 level. A clear move below
the $18,550 zone could set the pace for a larger decline. In the
stated case, the price may even decline below the $18,223 swing
low. Technical indicators: Hourly MACD – The MACD is now losing
pace in the bullish zone. Hourly RSI (Relative Strength Index) –
The RSI for BTC/USD is now near the 50 level. Major Support Levels
– $18,800, followed by $18,550. Major Resistance Levels – $19,200,
$19,350 and $19,500.
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