Bitcoin price continues to struggle, what could trigger another downtrend

Bitcoin price is struggling to climb above the $20,000 resistance against the US dollar. BTC could decline sharply if there is a close below the $18,500 support.

• Bitcoin remained within a range, holding above the $19,000 support zone.
• The price is trading below $19,400 and the 100 hourly simple moving average.
• There was a break below an important bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline if there is a clear move below the $18,500 support.

Bitcoin price is stuck in a range

Bitcoin price attempted another rise above the $19,000 resistance zone. BTC climbed above the $19,250 level and the 100-hour simple moving average.

The price even rose above the $19,500 resistance and rose above $20,000. However, the bears were active above the $20,000 resistance zone. A high was formed near $20,177 and the price started a downside correction.

It was a move below the $19,500 level. Also, there was a break below an important bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average.

A low is forming near $18,937 and the price is consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low.

On the upside, an immediate resistance is near the $19,400 level and the 100 hour SMA. The next major resistance is near the $19,560 zone. It is near the 50% Fib retracement level of the recent decline from the $20,177 swing high to the $18,937 low.

Source: BTCUSD on TradingView.com

A clear move above the $19,560 resistance could start another rally. In the indicated case, the price may even surpass the $20,000 resistance zone. The next major resistance is near the $20,500 zone.

Another fall in BTC?

If bitcoin fails to rise above the $19,560 resistance zone, it could start another decline. An immediate support on the downside is near the $19,000 zone.

The next major support is near the $18,580 zone. The main support is near $18,500, below this there could be a sharp drop to $18,000. Any further losses may require a drop towards the $17,500 support.

Technical indicators:

Hourly MACD – MACD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.

Major support levels – $19,000, followed by $18,580.

Major resistance levels – $19,560, $20,000 and $20,500.