TA: Bitcoin Price Stuck Below Resistance, Why Bears Could Aim More Losses

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,745,621,489	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,745,621,489

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.000212	-0.17%	0.122071	0.122051	0.122073

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.000212

-0.17%

0.122071

0.122051

0.122073

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.122842	0.121869	0.122283	0.122283	0.064588 - 0.144371

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.122842

0.121869

0.122283

0.064588 - 0.144371

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	12:28:20	85.09	0.122071	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

12:28:20

85.09

0.122071

USD

Price x Volume	Volume	Base Symbol	Related Pairs
34,421.98	281,547.71	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

34,421.98

281,547.71

TA: Bitcoin Price Stuck Below Resistance, Why Bears Could Aim More Losses

21/09/2022 3:28am

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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