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.<\/p>\n
Bitcoin is attempting an upside correction above the $19,000 level.
\nThe price is still trading below $19,500 and the 100 hourly simple moving average.
\nThere 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).
\nThe pair must clear the trend line and the 100 hourly SMA to continue higher towards $20,500.<\/p>\n
Bitcoin Price Faces Hurdles<\/p>\n
Bitcoin price started a short-term upside correction<\/a> 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.<\/p>\n However, the price faced a strong resistance near the $19,650 level and the 100 hourly simple moving average<\/a>. 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n <\/a><\/p>\n Source: BTCUSD on TradingView.com<\/a><\/p>\n 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.<\/p>\n Fresh Decline in BTC?<\/p>\n 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.<\/p>\n 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.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\n Major Support Levels \u2013 $18,800, followed by $18,550.<\/p>\n Major Resistance Levels \u2013 $19,200, $19,350 and $19,500.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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.<\/p>\n Bitcoin is attempting an upside correction above the $19,000 level. Bitcoin Price Faces Hurdles<\/p>\n Bitcoin price started a short-term upside correction<\/a> 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.<\/p>\n However, the price faced a strong resistance near the $19,650 level and the 100 hourly simple moving average<\/a>. 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n
\nThe price is still trading below $19,500 and the 100 hourly simple moving average.
\nThere 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).
\nThe pair must clear the trend line and the 100 hourly SMA to continue higher towards $20,500.<\/p>\n
![<\/a><\/p>\nSource: BTCUSD on TradingView.com<\/a><\/p>\nThere 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.<\/p>\nFresh Decline in BTC?<\/p>\nIf 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.<\/p>\nThe 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.<\/p>\nTechnical indicators:<\/p>\nHourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\nHourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\nMajor Support Levels \u2013 $18,800, followed by $18,550.<\/p>\nMajor Resistance Levels \u2013 $19,200, $19,350 and $19,500.<\/p>","protected":false},"excerpt":{"rendered":"<\/p>\nBitcoin 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.<\/p>\nBitcoin is attempting an upside correction above the $19,000 level.\nThe price is still trading below $19,500 and the 100 hourly simple moving average.\nThere 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).\nThe pair must clear the trend line and the 100 hourly SMA to continue higher towards $20,500.<\/p>\nBitcoin Price Faces Hurdles<\/p>\nBitcoin price started a short-term upside correction<\/a> 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.<\/p>\nHowever, the price faced a strong resistance near the $19,650 level and the 100 hourly simple moving average<\/a>. 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.<\/p>\nBitcoin 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.<\/p>\nThe 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.<\/p>\n<\/a><\/p>\nSource: BTCUSD on TradingView.com<\/a><\/p>\nThere 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.<\/p>\nFresh Decline in BTC?<\/p>\nIf 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.<\/p>\nThe 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.<\/p>\nTechnical indicators:<\/p>\nHourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\nHourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now near the 50 level.<\/p>\nMajor Support Levels \u2013 $18,800, followed by $18,550.<\/p>\nMajor Resistance Levels \u2013 $19,200, $19,350 and $19,500.<\/p>\n<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-8102","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/8102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=8102"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/8102\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=8102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=8102"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=8102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/09\/Bitcoin-22.png\"){kind=link}