Bitcoin is struggling under the $20,000 zone towards the US Dollar. BTC stays at a danger of extra losses if the bulls fail to defend the $19,800 assist zone.
- Bitcoin is displaying bearish indicators under the $21,000 and $20,500 ranges.
- The value is now buying and selling under the $20,400 stage and the 100 hourly easy shifting common.
- There is a key bearish development line forming with resistance close to $20,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might decline additional if there is a transparent transfer under the $19,800 zone.
Bitcoin Price Remains At Risk
Bitcoin value failed to recover above the $21,000 pivot stage. The value remained in a bearish zone and prolonged its decline under the $20,500 assist zone.
There was additionally an in depth under the $20,250 stage. BTC spiked under the $20,000 stage, however the bulls have been lively close to $19,800 stage. A low is shaped close to $19,828 and the worth is now consolidating losses. It is now buying and selling under the $20,400 stage and the 100 hourly simple moving average.
An rapid resistance on the upside is close to the $20,150 stage. It is close to the 23.6% Fib retracement stage of the latest decline from the $21,188 swing excessive to $19,828 low.
The subsequent key resistance is close to the $20,400 zone. There is additionally a key bearish development line forming with resistance close to $20,400 on the hourly chart of the BTC/USD pair. The development line is close to the 50% Fib retracement stage of the latest decline from the $21,188 swing excessive to $19,828 low.
Source: BTCUSD on TradingView.com
A transparent transfer above the development line resistance after which $20,500 might begin a restoration wave. In the acknowledged case, the worth might rise in the direction of the $20,900 stage. The subsequent main hurdle for the bulls may be close to the $21,200 zone, above which the worth could maybe rise in the direction of the $21,800 stage.
More Losses in BTC?
If bitcoin fails to clear the $20,500 resistance zone, it might proceed to transfer down. An rapid assist on the draw back is close to the $20,000 stage.
The fundamental assist now sits close to the $19,800 stage, under which the worth might speed up decrease. The subsequent main assist sits close to the $18,800 zone. Any extra losses might ship the worth in the direction of the $18,000 stage.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.
Major Support Levels – $20,000, adopted by $19,800.
Major Resistance Levels – $20,150, $20,400 and $20,500.
