Bitcoin Price Just Saw Technical Correction And Fresh Increase Seems Likely

Bitcoin price corrected lower from $19,650 against the US Dollar. BTC is holding the $19,200 support and might soon start a fresh increase. Bitcoin started a downside correction after it failed to clear the $19,650 zone. The price is trading above $19,200 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $19,320 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if there is a clear move above the $19,350 resistance. Bitcoin Price Remains Supported Bitcoin price was able to gain pace for a move above the $19,500 resistance. However, BTC struggled above the $19,600 zone. It traded as high as $19,679 and recently started a downside correction. There was a correction below the $19,500 and $19,400 levels. The price declined below the 23.6% Fib retracement level of the key increase from the $18,865 swing low to $19,680 high. The price even spiked below the $19,250 level. However, the bulls were active near the $19,200 support zone. Bitcoin price is now trading above $19,200 and the 100 hourly simple moving average. It is also stable above the 50% Fib retracement level of the key increase from the $18,865 swing low to $19,680 high. On the upside, an immediate resistance is near the $19,320 level. There is also a connecting bearish trend line forming with resistance near $19,320 on the hourly chart of the BTC/USD pair. Sou...