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    Bitcoin Price Could Recover If It Holds This Key Support


    Bitcoin prolonged losses and traded under $19,600 in opposition to the US Dollar. BTC might 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 transferring common.
    • There is a significant bearish pattern line forming with resistance close to $19,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair would possibly 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 power and pushed the worth under the $20,000 help zone.

    The decline even prolonged under the $19,600 help zone. A low is shaped close to $19,256 and the worth is now consolidating close to a significant help at $19,300. It can 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 would begin a restoration wave. On the upside, the worth might resistance close to the $19,550 and $19,600 ranges.

    There can be a significant bearish pattern 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 current 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.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    An in depth above the $20,000 resistance zone might set the tempo for a check of the 100 hourly easy transferring common. Any extra positive factors would possibly 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 begin a restoration wave above the $20,000 stage, it might 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 current low. An in depth under the $19,250 help zone might speed up losses. In the acknowledged case, there’s a danger 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.



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