Bitcoin price is struggling to stay above the $19,000 support. BTC/USD could gain bearish momentum if it stays below $19,500 for too long.
Bitcoin Price Shows Bearish Signs
In the past few days, bitcoin price saw a bearish wave after it struggle to gain pace above the $19,950 level. The BTC/USD pair formed a high near $19,944 and started a fresh decline.
The price traded below the $19,600 and $19,500 support levels to move into a short-term bearish zone, similar to altcoins like ethereum and ripple. The price even settled below the $19,500 level and the 50 simple moving average (4-hours, blue).
Bitcoin price 4-hours chart | Source: BTCUSD on TradingView.com
The bears were able to push the price below the 50% Fib retracement level of the key increase from the $18,162 swing low to $19,944 high.
It is now consolidating near the $19,000 support zone. The first major support is near the $18,900 and $18,850 levels. It is close to the 61.8% Fib retracement level of the key increase from the $18,162 swing low to $19,944 high.
The next substantial and crucial support sits near the $18,580 level. A clear move below the $18,580 support could push the price further into a bearish zone. In the stated case, the price may perhaps decline towards the $17,500 zone.
On the upside, an immediate resistance is near the $19,250 level and the 50 simple moving average (4-hours, blue). The first major resistance is near the $19,400 level and a major bearish trend line on the 4-hours chart.
A clear move above the $19,400 level might even push the price above $19,500. In the stated case, the price could rise steadily towards the $20,000 resistance. Any more gains could set the pace for a test of the $21,200 resistance. The next major resistance sits near the $22,000 level.
Overall, bitcoin price is slowly moving lower and trading well below $19,500. A close below the $18,850 and $18,580 support levels might start a major decline. Conversely, the price might start a fresh increase above $19,400 and $19,500 in the near term.
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