Bitcoin prolonged losses and traded under $19,600 in opposition to the US Dollar. BTC may begin a restoration wave if it stays above the $19,300 help zone.
- Bitcoin remained in a bearish zone and settled under the $20,000 stage.
- The value is now buying and selling under the $19,600 stage and the 100 hourly easy shifting common.
- There is a significant bearish development line forming with resistance close to $19,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin a restoration wave if it stays above the $19,300 help zone.
Bitcoin Price Reaches Key Support
Bitcoin value began a fresh decline under the $21,000 help zone. The bears gained energy and pushed the value under the $20,000 help zone.
The decline even prolonged under the $19,600 help zone. A low is fashioned close to $19,256 and the value is now consolidating close to a significant help at $19,300. It can also be buying and selling under the $19,600 stage and the 100 hourly simple moving average.
If bitcoin stays above the $19,300 zone, it’d begin a restoration wave. On the upside, the value may resistance close to the $19,550 and $19,600 ranges.
There can also be a significant bearish development line forming with resistance close to $19,600 on the hourly chart of the BTC/USD pair. The subsequent key resistance is close to the $20,000 zone (the latest breakdown zone). It is close to the 23.6% Fib retracement stage of the downward transfer from the $22,498 swing excessive to $19,256 low.
Source: BTCUSD on TradingView.com
An in depth above the $20,000 resistance zone may set the tempo for a take a look at of the 100 hourly easy shifting common. Any extra features may open the doorways for a transfer in direction of the 50% Fib retracement stage of the downward transfer from the $22,498 swing excessive to $19,256 low. The subsequent main resistance sits close to the $21,200 stage.
More Losses in BTC?
If bitcoin fails to start out a restoration wave above the $20,000 stage, it may proceed to maneuver down. An rapid help on the draw back is close to the $19,300 stage.
The subsequent main help now sits close to the $19,250 stage or the latest low. An in depth under the $19,250 help zone may speed up losses. In the said case, there’s a threat of a transfer in 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 – $19,300, adopted by $18,500.
Major Resistance Levels – $19,600, $20,000 and $20,500.
