Bitcoin price formed a new yearly high close to $20,000 before correcting lower against the US Dollar. BTC could accelerate its decline if there is a clear break below the 100 hourly SMA.

• Bitcoin is currently correcting lower below the $19,500 and $19,000 levels.
• The price is approaching a key support at $18,350 and the 100 hourly simple moving average.
• There is a major bearish trend line forming with resistance near $18,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could decline heavily if it fails to stay above the 100 hourly SMA and $18,200.

Bitcoin Price is Grinding Lower

There was an upside extension in bitcoin price above the $19,500 resistance. BTC even surpassed the previous swing high and traded close to the $20,000 barrier. However, there was no …