Bitcoin extended its decline below the $25,000 support against the US Dollar. BTC is down 20% and approaching the key $20,000 support zone.<\/p>\n
Bitcoin extended its decline below the $23,500 and $22,500 support levels.
\nThe price is now trading below the $25,000 level and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $22,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must stay above the key $20,000 support zone to avoid more downsides.<\/p>\n
Bitcoin Price Nosedives<\/p>\n
Bitcoin price failed to start a recovery wave and extended decline below the $25,000 support zone. The bears gained strength for a move below the $23,500 support zone.<\/p>\n
The price declined over 20% and even traded below the $22,000 support zone. A new multi-week low is formed near $20,824 and the price is still trading in a strong downtrend. There was a close below the $22,000 level and the 100 hourly simple moving average.<\/p>\n
Bitcoin is now consolidating near the $21,000 level. An immediate resistance on the upside is near the $21,800 level. The first major resistance is near the $22,000 level.<\/p>\n
There is also a connecting bearish trend line forming with resistance near $22,100 on the hourly chart of the BTC\/USD pair. It is near the 23.6% Fib retracement level of the recent drop from the $28,300 swing high to $20,824 low.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
If there is a clear move above the trend line, the pair could rise towards the $23,000 level. The main resistance is near the $25,000 level. It is near the 50% Fib retracement level of the recent drop from the $28,300 swing high to $20,824 low.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $22,100 resistance zone and the trend line, it could continue to move down. An immediate support on the downside is near the $21,000 level.<\/p>\n
The next major support is near the $20,000 level. A downside break below the $20,000 support could send the price further lower. In the stated case, the price could drop towards the $18,500 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the oversold area.<\/p>\n
Major Support Levels \u2013 $21,000, followed by $20,000.<\/p>\n
Major Resistance Levels \u2013 $22,000, $22,100 and $23,000.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin extended its decline below the $25,000 support against the US Dollar. BTC is down 20% and approaching the key $20,000 support zone.<\/p>\n
Bitcoin extended its decline below the $23,500 and $22,500 support levels.
\nThe price is now trading below the $25,000 level and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $22,100 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must stay above the key $20,000 support zone to avoid more downsides.<\/p>\n
Bitcoin Price Nosedives<\/p>\n
Bitcoin price failed to start a recovery wave and extended decline below the $25,000 support zone. The bears gained strength for a move below the $23,500 support zone.<\/p>\n
The price declined over 20% and even traded below the $22,000 support zone. A new multi-week low is formed near $20,824 and the price is still trading in a strong downtrend. There was a close below the $22,000 level and the 100 hourly simple moving average.<\/p>\n
Bitcoin is now consolidating near the $21,000 level. An immediate resistance on the upside is near the $21,800 level. The first major resistance is near the $22,000 level.<\/p>\n
There is also a connecting bearish trend line forming with resistance near $22,100 on the hourly chart of the BTC\/USD pair. It is near the 23.6% Fib retracement level of the recent drop from the $28,300 swing high to $20,824 low.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
If there is a clear move above the trend line, the pair could rise towards the $23,000 level. The main resistance is near the $25,000 level. It is near the 50% Fib retracement level of the recent drop from the $28,300 swing high to $20,824 low.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $22,100 resistance zone and the trend line, it could continue to move down. An immediate support on the downside is near the $21,000 level.<\/p>\n
The next major support is near the $20,000 level. A downside break below the $20,000 support could send the price further lower. In the stated case, the price could drop towards the $18,500 support zone in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the oversold area.<\/p>\n
Major Support Levels \u2013 $21,000, followed by $20,000.<\/p>\n
Major Resistance Levels \u2013 $22,000, $22,100 and $23,000.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1132","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1132"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1132\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1132"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}