Bitcoin prolonged its decline under the $25,000 assist in opposition to the US Dollar. BTC is down 20% and approaching the important thing $20,000 assist zone.
- Bitcoin prolonged its decline under the $23,500 and $22,500 assist ranges.
- The worth is now buying and selling under the $25,000 stage and the 100 hourly easy transferring common.
- There is a connecting bearish pattern line forming with resistance close to $22,100 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair should keep above the important thing $20,000 assist zone to keep away from extra downsides.
Bitcoin Price Nosedives
Bitcoin worth failed to begin a restoration wave and prolonged decline under the $25,000 support zone. The bears gained energy for a transfer under the $23,500 assist zone.
The worth declined over 20% and even traded under the $22,000 assist zone. A brand new multi-week low is fashioned close to $20,824 and the value remains to be buying and selling in a powerful downtrend. There was an in depth under the $22,000 stage and the 100 hourly simple moving average.
Bitcoin is now consolidating close to the $21,000 stage. An rapid resistance on the upside is close to the $21,800 stage. The first main resistance is close to the $22,000 stage.
There can also be a connecting bearish pattern line forming with resistance close to $22,100 on the hourly chart of the BTC/USD pair. It is close to the 23.6% Fib retracement stage of the current drop from the $28,300 swing excessive to $20,824 low.
Source: BTCUSD on TradingView.com
If there’s a clear transfer above the pattern line, the pair might rise in the direction of the $23,000 stage. The most important resistance is close to the $25,000 stage. It is close to the 50% Fib retracement stage of the current drop from the $28,300 swing excessive to $20,824 low.
More Losses in BTC?
If bitcoin fails to clear the $22,100 resistance zone and the pattern line, it might proceed to maneuver down. An rapid assist on the draw back is close to the $21,000 stage.
The subsequent main assist is close to the $20,000 stage. A draw back break under the $20,000 assist might ship the value additional decrease. In the acknowledged case, the value might drop in the direction of the $18,500 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now within the oversold space.
Major Support Levels – $21,000, adopted by $20,000.
Major Resistance Levels – $22,000, $22,100 and $23,000.
