Bitcoin began a pointy draw back correction beneath the $22,000 degree towards the US Dollar. BTC should keep above the $20,000 assist to keep away from extra losses.
- Bitcoin didn’t clear $22,750 and began a pointy downward transfer.
- The worth is now buying and selling beneath $21,000 and the 100 hourly easy shifting common.
- There was a break beneath a key bullish development line with assist close to $21,810 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is consolidating above the $20,000 degree, with a minor bullish angle.
Bitcoin Price Dives To $20K
Bitcoin worth tried to achieve power above the $22,000 and $22,500 resistance levels. The worth even spiked above the $22,750 resistance zone and the 100 hourly easy shifting common.
However, the value failed to achieve power and topped close to the $22,768 degree. As a outcome, there was a bearish wave beneath the $22,000 and $21,500 ranges. There was additionally a transfer beneath the $21,000 degree and the 100 hourly simple moving average.
Besides, there was a break beneath a key bullish development line with assist close to $21,810 on the hourly chart of the BTC/USD pair. Bitcoin worth even examined the $20,000 zone. A low is fashioned close to $19,921 and the value is now consolidating losses.
On the upside, a right away resistance is close to the $20,600 degree. It is close to the 23.6% Fib retracement degree of the latest decline from the $22,768 swing excessive to $19,921 low.
Source: BTCUSD on TradingView.com
The subsequent main resistance sits close to the $21,350 degree. It coincides with the 50% Fib retracement degree of the latest decline from the $22,768 swing excessive to $19,921 low. An in depth above the $21,350 resistance would possibly begin a contemporary surge. In the acknowledged case, the value could maybe rise in direction of $22,000. Any extra features would possibly ship the value in direction of the $22,500 resistance zone.
More Losses in BTC?
If bitcoin fails to clear the $21,350 resistance zone, it might proceed to maneuver down. An fast assist on the draw back is close to the $22,000 zone.
The subsequent main assist is close to the $19,500 and $19,400 ranges. A draw back break beneath the $19,400 degree would possibly ship the value in direction of the $18,500 assist.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering from the oversold ranges.
Major Support Levels – $20,000, adopted by $19,400.
Major Resistance Levels – $20,600, $21,000 and $21,350.
