Bitcoin began a serious decline and traded beneath $20,000 in opposition to the US Dollar. BTC stays at a threat of extra losses until it recovers above $20,000.
- Bitcoin began one other decline beneath the $20,200 and $20,000 ranges.
- The worth is now buying and selling beneath the $20,000 degree and the 100 hourly easy shifting common.
- There is a key bearish development line forming with resistance close to $20,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might speed up additional decrease beneath the $19,500 assist zone within the coming classes.
Bitcoin Price Takes Hit
Bitcoin worth didn’t get better above the $22,000 resistance zone. BTC began a recent decline beneath the $21,200 and $21,000 assist ranges.
The bears gained power for a push beneath the $20,000 assist zone. The worth settled beneath the $20,000 degree and the 100 hourly simple moving average. A low is fashioned close to $19,525 and the worth is now consolidating losses.
On the upside, a direct resistance is close to the $19,800 degree. The first main resistance sits close to the $20,000 degree. It is close to the 23.6% Fib retracement degree of the downward transfer from the $21,875 swing excessive to $19,525 low.
Besides, there’s a key bearish development line forming with resistance close to $20,000 on the hourly chart of the BTC/USD pair. Bitcoin worth should clear the $20,000 resistance zone to begin a restoration wave.
Source: BTCUSD on TradingView.com
The subsequent main resistance may very well be close to the $20,700 zone. It is near the 50% Fib retracement degree of the downward transfer from the $21,875 swing excessive to $19,525 low. Any extra positive aspects would possibly ship the worth in the direction of the $21,000 resistance zone.
More Losses in BTC?
If bitcoin fails to clear the $20,000 resistance zone, it might proceed to maneuver down. An quick assist on the draw back is close to the $19,500 degree and the current low.
The subsequent main assist sits close to the $19,200 degree. A detailed beneath the $19,200 assist would possibly spark a pointy decline. In the acknowledged case, the worth would possibly decline in the direction of the $18,500 degree within the coming classes.
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 beneath the 50 degree.
Major Support Levels – $19,500, adopted by $19,200.
Major Resistance Levels – $19,800, $20,000 and $21,000.
