Bitcoin prolonged losses and traded under $20,000 towards the US Dollar. BTC may revisit the important thing $19,500 help zone, the place the bears could be examined.
- Bitcoin is following a bearish path under the $20,500 pivot stage.
- The value is now buying and selling under the $20,500 stage and the 100 hourly easy shifting common.
- There was a break under a significant bullish development line with help close to $20,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair would possibly discover help close to the $19,500 and $19,350 ranges.
Bitcoin Price Extends Losses
Bitcoin value began a fresh decline after it failed to remain above the $22,000 stage. There was a gentle decline under the $21,200 and $21,000 ranges.
The value moved under the 61.8% Fib retracement stage of the upward transfer from the $19,301 swing low to $22,500 swing excessive. Besides, there was a break under a significant bullish development line with help close to $20,500 on the hourly chart of the BTC/USD pair.
Bitcoin value is now buying and selling under the $20,500 stage and the 100 hourly simple moving average. It even settled under the 76.4% Fib retracement stage of the upward transfer from the $19,301 swing low to $22,500 swing excessive.
However, there’s a main help ready close to $19,500. On the upside, the value may resistance close to the $20,000 and $20,150 ranges.
Source: BTCUSD on TradingView.com
The subsequent key resistance is close to the $20,500 zone (the latest breakdown zone). A shut above the $20,500 resistance zone may set the tempo for a check of the 100 hourly easy shifting common. Any extra positive factors would possibly open the doorways for a transfer in the direction of the $21,750 stage. The subsequent main resistance sits close to the $22,000 stage.
More Losses in BTC?
If bitcoin fails to begin a restoration wave above the $20,150 stage, it may proceed to maneuver down. An instant help on the draw back is close to the $19,580 stage.
The subsequent main help now sits close to the $19,300 stage or the final swing low. A shut under the $19,300 help zone may speed up losses. In the said case, there’s a danger of a transfer in the direction of the $18,500 stage.
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 zone.
Major Support Levels – $19,600, adopted by $19,300.
Major Resistance Levels – $20,150, $20,500 and $21,750.
