TA: Bitcoin Remains In Downtrend, What Could Spark Sharp Upside

Bitcoin is trading in a bearish zone below $19,500 against the US Dollar. BTC might start a sharp recovery wave if there is a move above the $19,500 resistance. Bitcoin failed to gain pace above the $19,500 and $19,600 resistance levels. The price is now trading below the $20,000 level and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline unless there is a move above the $19,500 resistance zone. Bitcoin Price Eyes Upside Break Bitcoin price started another decline below the $19,500 support zone. The price even traded below the $19,000 support zone and spiked below the $18,800 level. A low was formed near $18,738 and the price is now consolidating losses. There was a minor upward move above the $19,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low. However, the price is now facing a strong resistance near the $19,400 zone and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low. Source: BTCUSD on TradingView.com The next key resistance is near the $19,...