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    Bitcoin Remains In Downtrend, Risk of Drop Below $20K


    Bitcoin didn’t get better above $23,000 in opposition to the US Dollar. BTC began a recent decline and stays at a threat of a transfer beneath the $20,000 assist.

    • Bitcoin didn’t climb above $23,000 and began a recent decline.
    • The value is now buying and selling beneath the $22,000 stage and the 100 hourly easy shifting common.
    • There is a brand new connecting bearish development line forming with resistance close to $20,850 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair stays at a threat of a transfer beneath the $20,000 assist zone within the close to time period.

    Bitcoin Price Revisits $20K

    Bitcoin value tried a recent enhance above the $22,000 stage. However, the bears had been energetic close to the $22,800 and $23,000 ranges. A excessive was fashioned close to $22,950 and the value began a fresh decline.

    There was a transparent transfer beneath the $21,500 stage and the value settled beneath the 100 hourly simple moving average. The value even declined beneath the $21,000 stage and traded near the $20,000 assist zone. A low was fashioned close to $20,200 and the value is now making an attempt an upside correction.

    There was a transfer above the $20,500 resistance stage. Bitcoin is now testing the 23.6% Fib retracement stage of the current decline from the $22,950 excessive to $20,200 low.

    There can also be a brand new connecting bearish development line forming with resistance close to $20,850 on the hourly chart of the BTC/USD pair. An rapid resistance on the upside is close to the $21,000 stage. The first main resistance is close to the $21,550 stage.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The 50% Fib retracement stage of the current decline from the $22,950 excessive to $20,200 low can also be close to the $21,550 stage. Any extra positive factors may ship the value in the direction of the $22,300 stage or the 100 hourly easy shifting common. The essential resistance continues to be close to the $23,000 stage.

    Fresh Decline in BTC?

    If bitcoin fails to clear the $22,000 resistance zone and the development line, it might begin a recent decline. An rapid assist on the draw back is close to the $20,200 stage.

    The subsequent main assist is close to the $20,000 stage. A draw back break beneath the $20,000 assist might spark a pointy decline. In the said case, the value might check $18,800.

    Technical indicators:

    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 stage.

    Major Support Levels – $20,200, adopted by $20,000.

    Major Resistance Levels – $21,550, $22,300 and $23,000.



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