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