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 beari...
