Bitcoin extended losses and traded below $20,000 against the US Dollar. BTC could revisit the key $19,500 support zone, where the bears might be tested.<\/p>\n
Bitcoin is following a bearish path below the $20,500 pivot level.
\nThe price is now trading below the $20,500 level and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $20,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might find support near the $19,500 and $19,350 levels.<\/p>\n
Bitcoin Price Extends Losses<\/p>\n
Bitcoin price started a fresh decline after it failed to stay above the $22,000 level. There was a steady decline below the $21,200 and $21,000 levels.<\/p>\n
The price moved below the 61.8% Fib retracement level of the upward move from the $19,301 swing low to $22,500 swing high. Besides, there was a break below a major bullish trend line with support near $20,500 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin price is now trading below the $20,500 level and the 100 hourly simple moving average. It even settled below the 76.4% Fib retracement level of the upward move from the $19,301 swing low to $22,500 swing high.<\/p>\n
However, there is a major support waiting near $19,500. On the upside, the price could resistance near the $20,000 and $20,150 levels.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $20,500 zone (the recent breakdown zone). A close above the $20,500 resistance zone could set the pace for a test of the 100 hourly simple moving average. Any more gains might open the doors for a move towards the $21,750 level. The next major resistance sits near the $22,000 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to start a recovery wave above the $20,150 level, it could continue to move down. An immediate support on the downside is near the $19,580 level.<\/p>\n
The next major support now sits near the $19,300 level or the last swing low. A close below the $19,300 support zone could accelerate losses. In the stated case, there is a risk of a move towards the $18,500 level.<\/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 zone.<\/p>\n
Major Support Levels \u2013 $19,600, followed by $19,300.<\/p>\n
Major Resistance Levels \u2013 $20,150, $20,500 and $21,750.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin extended losses and traded below $20,000 against the US Dollar. BTC could revisit the key $19,500 support zone, where the bears might be tested.<\/p>\n
Bitcoin is following a bearish path below the $20,500 pivot level.
\nThe price is now trading below the $20,500 level and the 100 hourly simple moving average.
\nThere was a break below a major bullish trend line with support near $20,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might find support near the $19,500 and $19,350 levels.<\/p>\n
Bitcoin Price Extends Losses<\/p>\n
Bitcoin price started a fresh decline after it failed to stay above the $22,000 level. There was a steady decline below the $21,200 and $21,000 levels.<\/p>\n
The price moved below the 61.8% Fib retracement level of the upward move from the $19,301 swing low to $22,500 swing high. Besides, there was a break below a major bullish trend line with support near $20,500 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin price is now trading below the $20,500 level and the 100 hourly simple moving average. It even settled below the 76.4% Fib retracement level of the upward move from the $19,301 swing low to $22,500 swing high.<\/p>\n
However, there is a major support waiting near $19,500. On the upside, the price could resistance near the $20,000 and $20,150 levels.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $20,500 zone (the recent breakdown zone). A close above the $20,500 resistance zone could set the pace for a test of the 100 hourly simple moving average. Any more gains might open the doors for a move towards the $21,750 level. The next major resistance sits near the $22,000 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to start a recovery wave above the $20,150 level, it could continue to move down. An immediate support on the downside is near the $19,580 level.<\/p>\n
The next major support now sits near the $19,300 level or the last swing low. A close below the $19,300 support zone could accelerate losses. In the stated case, there is a risk of a move towards the $18,500 level.<\/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 zone.<\/p>\n
Major Support Levels \u2013 $19,600, followed by $19,300.<\/p>\n
Major Resistance Levels \u2013 $20,150, $20,500 and $21,750.<\/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-3207","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\/3207","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=3207"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3207\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=3207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=3207"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=3207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}