BITCOIN PRICE ANALYSIS CMP-$19,150: BTC in range ahead of FOMC Meeting

Bitcoin is trading below

the $19,200 support level against the dollar. In the short term, BTC is sensitive to further losses below the $18,500 support level.

On a daily basis, the price of BTC remains below the 50 and 200 Exponential Moving Averages (EMA) as it ranges in a descending triangle, with prices struggling to break on either side.

Bitcoin's price rise remains slow as market uncertainty saps any enthusiasm. Bitcoin gained 0.59% in the previous 24 hours and 0.1% in the past hour. Despite the rise, Bitcoin has fallen by more than 6.20% in the previous seven days. It is still trading in the $19,000-$20,000 area and is presently at $19,150.

Bitcoin's price fell below the $20,000 support level. BTC has been steadily declining below the $19,600 pivot level and the 100 hourly simple moving average.

The price even fell below yesterday's low, testing the $18,850 level. The price has created a low near $18,855, and it is now consolidating losses. A minor recovery wave occurred over the $19,000 resistance level. The price rose beyond the 23.6% Fib retracement level of the latest slide from the swing high of $19,563 to the low of $18,855.

According to Price Analysis, the market capitalization of this BTC is expected to be $367,669,869,555. The coin's 24-hour trading volume is roughly $26,824,195,284. The market capitalization of BTC has risen by 0.58%. However, trading volume decreased by 4.82% during intraday trading. The market capitalization to volume ratio is 0.07296.

Bitcoin is now trading below $19,600 and above the 100 hourly simple moving average. On the upside, an immediate resistance level is at $19,200. On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $19,180. The trend line is close to the 50% Fib retracement level of the recent decline from the swing high of $19,563 to the low of $18,855. A clear break over the trend line might push the price up to the 100 hourly simple moving average or the $19,500 barrier. Any further gains might push the price up to the $20,000 barrier level.

If bitcoin does not recover above the $19,200 barrier level, it may continue to fall. On the downside, there is immediate support at $18,850. The next significant support level is at $18,550. A breach below the $18,550 support level might spark another steep fall. In the aforementioned scenario, a move towards the $18,100 support zone is possible.

KEY LEVELS :

RESISTANCE LEVEL : $19,500-$20,000

SUPPORT LEVEL : $18,800-$18,500

As of today FOMC Meeting Minutes and tomorrow Core Retail Sales major event in the U.S. Due to this event BITCOIN is trading in a narrow range. Will BTC cross $20,000 or $18,000. What are your views?