Bitcoin prolonged losses and traded beneath $20,000 in opposition to the US Dollar. BTC might revisit the important thing $19,500 assist zone, the place the bears could be examined.
- Bitcoin is following a bearish path beneath the $20,500 pivot degree.
- The worth is now buying and selling beneath the $20,500 degree and the 100 hourly easy shifting common.
- There was a break beneath a serious bullish development line with assist close to $20,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may discover assist close to the $19,500 and $19,350 ranges.
Bitcoin Price Extends Losses
Bitcoin worth began a fresh decline after it failed to remain above the $22,000 degree. There was a gradual decline beneath the $21,200 and $21,000 ranges.
The worth moved beneath the 61.8% Fib retracement degree of the upward transfer from the $19,301 swing low to $22,500 swing excessive. Besides, there was a break beneath a serious bullish development line with assist close to $20,500 on the hourly chart of the BTC/USD pair.
Bitcoin worth is now buying and selling beneath the $20,500 degree and the 100 hourly simple moving average. It even settled beneath the 76.4% Fib retracement degree of the upward transfer from the $19,301 swing low to $22,500 swing excessive.
However, there’s a main assist ready close to $19,500. On the upside, the value might resistance close to the $20,000 and $20,150 ranges.
Source: BTCUSD on TradingView.com
The subsequent key resistance is close to the $20,500 zone (the current breakdown zone). A shut above the $20,500 resistance zone might set the tempo for a check of the 100 hourly easy shifting common. Any extra beneficial properties may open the doorways for a transfer in direction of the $21,750 degree. The subsequent main resistance sits close to the $22,000 degree.
More Losses in BTC?
If bitcoin fails to begin a restoration wave above the $20,150 degree, it might proceed to maneuver down. An instant assist on the draw back is close to the $19,580 degree.
The subsequent main assist now sits close to the $19,300 degree or the final swing low. A shut beneath the $19,300 assist zone might speed up losses. In the acknowledged case, there’s a danger of a transfer in direction of the $18,500 degree.
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 – $19,600, adopted by $19,300.
Major Resistance Levels – $20,150, $20,500 and $21,750.
