Bitcoin price attempted a move toward the $19,500 resistance zone. BTC remained in a bearish zone and even failed to clear the $19,400 level. A high was formed near $19,344 and there was a fresh decline.
The price declined below the $19,200 level and tested at $18,950. A low is formed near $18,938 and the price is now consolidating losses. It traded above the 23.6% Fib retracement level of the recent drop from the $19,344 swing high to the $18,938 low.
Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average. There is also a short-term breakout pattern forming with resistance near $19,200 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $19,150 level. It is close to the 50% Fib retracement level of the recent drop from the $19,344 swing high to the $18,938 low. The first major resistance sits near the $19,200 level and the trend line.
The next major resistance might be $19,300 or the 100 hourly SMA. A clear move above the $19,300 resistance might send the price toward the $19,500 resistance. Any more gains might open the doors for a move toward the $20,000 resistance zone.
If bitcoin fails to rise above the $19,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $19,000 zone
The next major support is near the $18,900 zone. A downside break and close below might call for a test of the main breakdown support at $18,500. Any more losses might start a major decline and the price could drop to $17,500.