Bitcoin price failed to stay above $20,600 and extended losses. BTC must stay above $20,000 to avoid a major decline in the near term.
Bitcoin started a downside correction and broke a major support at $20,600.
The price is trading below $20,600 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $21,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could revisit the main $20,000 support zone in the near term.
Bitcoin price formed a swing high near the $21,469 level and recently started a downside correction. BTC declined below the $21,200 and $21,000 levels.
The bears were able to push the price below the key $20,600 support and the 100 hourly simple moving average. There was a clear move below the 50% Fib retracement level of the main increase from the $20,050 swing low to $21,470 high.
The decline gained pace below the $20,500 level. Bitcoin price even tested the 76.4% Fib retracement level of the main increase from the $20,050 swing low to $21,470 high.
The price is now trading below $20,600 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,600 level. The first major resistance is near the $21,000 level. There is also a major bearish trend line forming with resistance near $21,050 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
A clear move above the trend line resistance and $21,200 might start a fresh increase towards $21,500. The next major resistance is near $22,000, above which the price could test the $22,500 zone.
If bitcoin fails to start a recovery wave above the $20,600 resistance zone, it could resume its decline. An immediate support on the downside is near the $20,380 level.
The next major support is near the $20,050 zone. A clear move below the $20,050 support might push the price into a bearish zone. In this case, the price may perhaps decline towards the $19,200 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $20,380, followed by $20,050.
Major Resistance Levels – $20,600, $21,000 and $21,200.
Bitcoin price failed to stay above $20,600 and extended losses. BTC must stay above $20,000 to avoid a major decline in the near term.
Bitcoin started a downside correction and broke a major support at $20,600.
The price is trading below $20,600 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $21,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could revisit the main $20,000 support zone in the near term.
Bitcoin price formed a swing high near the $21,469 level and recently started a downside correction. BTC declined below the $21,200 and $21,000 levels.
The bears were able to push the price below the key $20,600 support and the 100 hourly simple moving average. There was a clear move below the 50% Fib retracement level of the main increase from the $20,050 swing low to $21,470 high.
The decline gained pace below the $20,500 level. Bitcoin price even tested the 76.4% Fib retracement level of the main increase from the $20,050 swing low to $21,470 high.
The price is now trading below $20,600 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,600 level. The first major resistance is near the $21,000 level. There is also a major bearish trend line forming with resistance near $21,050 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
A clear move above the trend line resistance and $21,200 might start a fresh increase towards $21,500. The next major resistance is near $22,000, above which the price could test the $22,500 zone.
If bitcoin fails to start a recovery wave above the $20,600 resistance zone, it could resume its decline. An immediate support on the downside is near the $20,380 level.
The next major support is near the $20,050 zone. A clear move below the $20,050 support might push the price into a bearish zone. In this case, the price may perhaps decline towards the $19,200 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $20,380, followed by $20,050.
Major Resistance Levels – $20,600, $21,000 and $21,200.
Tags: bitcoinbtcusdBTCUSDTxbtusd
NewsBTCRead More
Bitcoin held above $62,500 and ether near $1,665, but sluggish price action and widening put…
A surge in Rune protocol activity is pushing Bitcoin transaction counts and fee generation to…
CryptoQuant says the cash cushion behind Strategy's STRC has thinned from seven years of coverage…
Bitcoin "OGs" have slashed their selling activity to the lowest levels in nearly two years.Read…
Trading firm Wintermute's options desk puts bitcoin in a $61,242 to $63,563 range for Tuesday,…
A renewed rout in semiconductor stocks pulled risk assets lower again, and crypto kept sliding.…
