Bitcoin failed to recover above $23,000 against the US Dollar. BTC started a fresh decline and remains at a risk of a move below the $20,000 support.<\/p>\n
Bitcoin failed to climb above $23,000 and started a fresh decline.
\nThe price is now trading below the $22,000 level and the 100 hourly simple moving average.
\nThere is a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair remains at a risk of a move below the $20,000 support zone in the near term.<\/p>\n
Bitcoin Price Revisits $20K<\/p>\n
Bitcoin price attempted a fresh increase above the $22,000 level. However, the bears were active near the $22,800 and $23,000 levels. A high was formed near $22,950 and the price started a fresh decline.<\/p>\n
There was a clear move below the $21,500 level and the price settled below the 100 hourly simple moving average. The price even declined below the $21,000 level and traded close to the $20,000 support zone. A low was formed near $20,200 and the price is now attempting an upside correction.<\/p>\n
There was a move above the $20,500 resistance level. Bitcoin is now testing the 23.6% Fib retracement level of the recent decline from the $22,950 high to $20,200 low.<\/p>\n
There is also a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC\/USD pair. An immediate resistance on the upside is near the $21,000 level. The first major resistance is near the $21,550 level.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The 50% Fib retracement level of the recent decline from the $22,950 high to $20,200 low is also near the $21,550 level. Any more gains might send the price towards the $22,300 level or the 100 hourly simple moving average. The main resistance is still near the $23,000 level.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $22,000 resistance zone and the trend line, it could start a fresh decline. An immediate support on the downside is near the $20,200 level.<\/p>\n
The next major support is near the $20,000 level. A downside break below the $20,000 support could spark a sharp decline. In the stated case, the price could test $18,800.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $20,200, followed by $20,000.<\/p>\n
Major Resistance Levels \u2013 $21,550, $22,300 and $23,000.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin failed to recover above $23,000 against the US Dollar. BTC started a fresh decline and remains at a risk of a move below the $20,000 support.<\/p>\n
Bitcoin failed to climb above $23,000 and started a fresh decline.
\nThe price is now trading below the $22,000 level and the 100 hourly simple moving average.
\nThere is a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair remains at a risk of a move below the $20,000 support zone in the near term.<\/p>\n
Bitcoin Price Revisits $20K<\/p>\n
Bitcoin price attempted a fresh increase above the $22,000 level. However, the bears were active near the $22,800 and $23,000 levels. A high was formed near $22,950 and the price started a fresh decline.<\/p>\n
There was a clear move below the $21,500 level and the price settled below the 100 hourly simple moving average. The price even declined below the $21,000 level and traded close to the $20,000 support zone. A low was formed near $20,200 and the price is now attempting an upside correction.<\/p>\n
There was a move above the $20,500 resistance level. Bitcoin is now testing the 23.6% Fib retracement level of the recent decline from the $22,950 high to $20,200 low.<\/p>\n
There is also a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC\/USD pair. An immediate resistance on the upside is near the $21,000 level. The first major resistance is near the $21,550 level.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The 50% Fib retracement level of the recent decline from the $22,950 high to $20,200 low is also near the $21,550 level. Any more gains might send the price towards the $22,300 level or the 100 hourly simple moving average. The main resistance is still near the $23,000 level.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to clear the $22,000 resistance zone and the trend line, it could start a fresh decline. An immediate support on the downside is near the $20,200 level.<\/p>\n
The next major support is near the $20,000 level. A downside break below the $20,000 support could spark a sharp decline. In the stated case, the price could test $18,800.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $20,200, followed by $20,000.<\/p>\n
Major Resistance Levels \u2013 $21,550, $22,300 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-1389","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\/1389","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=1389"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1389\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1389"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}