Bitcoin is struggling below the $21,000 zone against the US Dollar. BTC could continue to move down unless there is a clear move above the $20,750 resistance zone.<\/p>\n
Bitcoin started a fresh decline below the $21,000 and $20,500 levels.
\nThe price is now trading below the $20,500 level and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline further if there is a clear move below the $20,000 zone.<\/p>\n
Bitcoin Price Is Sliding<\/p>\n
Bitcoin price remained in a bearish zone below the $21,000 pivot level. The bulls struggled to push the price higher and there was a bearish reaction below the $20,800 level.<\/p>\n
The price traded below the 61.8% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. The decline was such that the bears even pushed the price below the $20,550 and $20,500 support levels.<\/p>\n
It tested the 76.4% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. Bitcoin is now trading below the $20,500 level and the 100 hourly simple moving average.<\/p>\n
An immediate resistance on the upside is near the $20,520 level. The next key resistance is near the $20,750 zone. There is also a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC\/USD pair.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
A clear move above the trend line resistance and then $21,000 could initiate a decent increase. In the stated case, the price could rise above the $21,250 level. The next major hurdle for the bulls might be near the $21,750 zone, above which the price may perhaps rise towards the $22,500 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $21,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,220 level.<\/p>\n
A downside break below the $20,220 support zone could push the price further lower. The next major support sits near the $20,000 zone. Any more losses could send the price towards the $18,800 level or a new monthly low.<\/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 below the 50 level.<\/p>\n
Major Support Levels \u2013 $20,220, followed by $20,000.<\/p>\n
Major Resistance Levels \u2013 $20,520, $20,800 and $21,250.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is struggling below the $21,000 zone against the US Dollar. BTC could continue to move down unless there is a clear move above the $20,750 resistance zone.<\/p>\n
Bitcoin started a fresh decline below the $21,000 and $20,500 levels.
\nThe price is now trading below the $20,500 level and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline further if there is a clear move below the $20,000 zone.<\/p>\n
Bitcoin Price Is Sliding<\/p>\n
Bitcoin price remained in a bearish zone below the $21,000 pivot level. The bulls struggled to push the price higher and there was a bearish reaction below the $20,800 level.<\/p>\n
The price traded below the 61.8% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. The decline was such that the bears even pushed the price below the $20,550 and $20,500 support levels.<\/p>\n
It tested the 76.4% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. Bitcoin is now trading below the $20,500 level and the 100 hourly simple moving average.<\/p>\n
An immediate resistance on the upside is near the $20,520 level. The next key resistance is near the $20,750 zone. There is also a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC\/USD pair.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
A clear move above the trend line resistance and then $21,000 could initiate a decent increase. In the stated case, the price could rise above the $21,250 level. The next major hurdle for the bulls might be near the $21,750 zone, above which the price may perhaps rise towards the $22,500 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $21,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,220 level.<\/p>\n
A downside break below the $20,220 support zone could push the price further lower. The next major support sits near the $20,000 zone. Any more losses could send the price towards the $18,800 level or a new monthly low.<\/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 below the 50 level.<\/p>\n
Major Support Levels \u2013 $20,220, followed by $20,000.<\/p>\n
Major Resistance Levels \u2013 $20,520, $20,800 and $21,250.<\/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-2195","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\/2195","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=2195"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2195\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=2195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=2195"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=2195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}