Bitcoin Bulls Remain Comfortable As Price Corrects 5%

Bitcoin Bulls remain comfortable as the price corrected by 5% and formed a double top pattern near the $19,500. BTC corrected lower against the US dollar and is now trading below the $18,500 while preparing to test the $18,000 support or the $17,600 support as well. In our latest Bitcoin news today, we can see that the number one cryptocurrency failed to clear the $19,500 resistance and started a sharp downside correction as well.

The price declined sharply below the $19,000 level and the 100 hourly simple moving average with a break below the major bullish trend line and support near the $19,000 on the hourly charts of the BTC/USD pair. The pair is approaching the $18,120 and the $18,000 support levels. There was another attempt by Bitcoin’s price to clear the $19,450 and the $19,500 resistance levels but it failed as well here. The double top pattern was formed close to the $19,500 level and there was also a sharp decline in the price below $19,000 support.

The price declined below a few keys supports near the $19,000 and the 100 hourly simple moving average with a break below the major bullish trend line and support at $19,000 on the hourly charts for the pair. Bitcoin broke the last swing low of $18,656 and extended the decline below the $18,500 level. The bears pushed the price below the 1.236 fib extension level from the upward movement at the $18,656 swing low to the $19,511 swing high.

BTC approached the $18,100 support level and it is close to the 1.618 fib extension level at the upward movement from the $18,656 swing low to the $19,511 swing high. If there are more downsides, the price will break the $18,000 support level as well. The price could continue trending lower to $17,500 in the upcoming sessions. If BTC stays above the $18,100 and the $18,000 support levels, there will be a new increase, and the resistance is set near the $18,500 level. The first major resistance formed near the $18,700 level and the 100 hourly simple moving average. The bitcoin bulls remain comfortable as the price could rise towards the $19,500 resistance zone in the near-term.

The hourly MACD for the pair is gaining momentum in the bearish zone while the hourly RSI is well below the 50 levels and approaching 20. The major support levels include $18,000 right after $17,620.