Bitcoin Price Takes A Hit, This Support Is The Key

Bitcoin prolonged losses and traded beneath $20,000 towards the US Greenback. BTC might revisit the important thing $19,500 help zone, the place the bears is perhaps examined.

  • Bitcoin is following a bearish path beneath the $20,500 pivot stage.
  • The worth is now buying and selling beneath the $20,500 stage and the 100 hourly easy transferring common.
  • There was a break beneath a serious bullish development line with help close to $20,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly discover help close to the $19,500 and $19,350 ranges.

Bitcoin Worth Extends Losses

Bitcoin worth began a recent decline after it failed to remain above the $22,000 stage. There was a gradual decline beneath the $21,200 and $21,000 ranges.

The worth moved beneath the 61.8% Fib retracement stage of the upward transfer from the $19,301 swing low to $22,500 swing excessive. Apart from, there was a break beneath a serious bullish development line with help close to $20,500 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now buying and selling beneath the $20,500 stage and the 100 hourly easy transferring common. It even settled beneath the 76.4% Fib retracement stage of the upward transfer from the $19,301 swing low to $22,500 swing excessive.

Nonetheless, there’s a main help ready close to $19,500. On the upside, the value might resistance close to the $20,000 and $20,150 ranges.

Supply: BTCUSD on TradingView.com

The following key resistance is close to the $20,500 zone (the current breakdown zone). An in depth above the $20,500 resistance zone might set the tempo for a check of the 100 hourly easy transferring common. Any extra good points would possibly open the doorways for a transfer in the direction of the $21,750 stage. The following main resistance sits close to the $22,000 stage.

Extra Losses in BTC?

If bitcoin fails to begin a restoration wave above the $20,150 stage, it might proceed to maneuver down. An instantaneous help on the draw back is close to the $19,580 stage.

The following main help now sits close to the $19,300 stage or the final swing low. An in depth beneath the $19,300 help zone might speed up losses. Within the acknowledged case, there’s a threat of a transfer in the direction of the $18,500 stage.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now within the oversold zone.

Main Help Ranges – $19,600, adopted by $19,300.

Main Resistance Ranges – $20,150, $20,500 and $21,750.

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