TA: Bitcoin Price Breakdown Looks Real, Why BTC Could Dive To $18K

Bitcoin broke the key $19,500 support against the US Dollar. BTC is showing bearish signs and remains at a risk of a move towards the $18,000 level. Bitcoin failed to start a fresh increase and declined below the $19,500 support. The price is now trading below the $19,000 level and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $19,420 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but upsides might be limited above $19,500. Bitcoin Price Takes A Hit Bitcoin price failed to gain pace for a move above the $20,500 and $20,550 resistance levels. There were many failed attempts, sparking a downside reaction below the key $19,500 support zone. There was a sharp decline below the $19,500 support and the 100 hourly simple moving average. The price declined below the $19,200 and $19,000 levels. A low is formed near $18,670 and the price is now consolidating losses. It is now trading below the $19,000 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $19,000 level. It is near the 23.6% Fib retracement level of the recent decline from the $20,171 swing high to $18,670 low. The next major resistance sits near the $19,400 level. There is also a connecting bearish trend line forming with resistance near $19,420 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.co...