TA: Bitcoin Price Recovery Stalls, Why This Barrier Could Trigger Another Drop

Bitcoin started an upside correction above $19,000 against the US Dollar. BTC is now struggling to clear the $19,400 and $19,500 resistance levels. Bitcoin traded as low as $18,550 and started an upside correction. The price is now trading below the $19,500 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $19,310 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another drop unless there is a clear move above the $19,500 resistance. Bitcoin Price Faces Resistance Bitcoin price started a major decline below the key $19,500 support zone. BTC gained pace for a move below the $19,000 level and the 100 hourly simple moving average. The price even traded below the $19,000 level and tested $18,500. A low was formed near $18,550 and the price recently started an upside correction. There was a move above the $19,000 resistance zone. The bulls pushed the price above the 23.6% Fib retracement level of the key drop from the $20,172 swing high to $18,550 low. However, the bears remained active near the $19,500 resistance zone. There is also a major bearish trend line forming with resistance near $19,310 on the hourly chart of the BTC/USD pair. Bitcoin faced rejection near the 50% Fib retracement level of the key drop from the $20,172 swing high to $18,550 low. It is now trading below the $19,500 level and the 100 hourly simple moving average...