Bitcoin extended losses and traded below $19,600 against the US Dollar. BTC could start a recovery wave if it stays above the $19,300 support zone.<\/p>\n
Bitcoin remained in a bearish zone and settled below the $20,000 level.
\nThe price is now trading below the $19,600 level and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $19,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might start a recovery wave if it stays above the $19,300 support zone.<\/p>\n
Bitcoin Price Reaches Key Support<\/p>\n
Bitcoin price started a fresh decline below the $21,000 support zone. The bears gained strength and pushed the price below the $20,000 support zone.<\/p>\n
The decline even extended below the $19,600 support zone. A low is formed near $19,256 and the price is now consolidating near a major support at $19,300. It is also trading below the $19,600 level and the 100 hourly simple moving average.<\/p>\n
If bitcoin stays above the $19,300 zone, it might start a recovery wave. On the upside, the price could resistance near the $19,550 and $19,600 levels.<\/p>\n
There is also a major bearish trend line forming with resistance near $19,600 on the hourly chart of the BTC\/USD pair. The next key resistance is near the $20,000 zone (the recent breakdown zone). It is near the 23.6% Fib retracement level of the downward move from the $22,498 swing high to $19,256 low.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
A close above the $20,000 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 50% Fib retracement level of the downward move from the $22,498 swing high to $19,256 low. The next major resistance sits near the $21,200 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to start a recovery wave above the $20,000 level, it could continue to move down. An immediate support on the downside is near the $19,300 level.<\/p>\n
The next major support now sits near the $19,250 level or the recent low. A close below the $19,250 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 $19,300, followed by $18,500.<\/p>\n
Major Resistance Levels \u2013 $19,600, $20,000 and $20,500.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin extended losses and traded below $19,600 against the US Dollar. BTC could start a recovery wave if it stays above the $19,300 support zone.<\/p>\n
Bitcoin remained in a bearish zone and settled below the $20,000 level.
\nThe price is now trading below the $19,600 level and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $19,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might start a recovery wave if it stays above the $19,300 support zone.<\/p>\n
Bitcoin Price Reaches Key Support<\/p>\n
Bitcoin price started a fresh decline below the $21,000 support zone. The bears gained strength and pushed the price below the $20,000 support zone.<\/p>\n
The decline even extended below the $19,600 support zone. A low is formed near $19,256 and the price is now consolidating near a major support at $19,300. It is also trading below the $19,600 level and the 100 hourly simple moving average.<\/p>\n
If bitcoin stays above the $19,300 zone, it might start a recovery wave. On the upside, the price could resistance near the $19,550 and $19,600 levels.<\/p>\n
There is also a major bearish trend line forming with resistance near $19,600 on the hourly chart of the BTC\/USD pair. The next key resistance is near the $20,000 zone (the recent breakdown zone). It is near the 23.6% Fib retracement level of the downward move from the $22,498 swing high to $19,256 low.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
A close above the $20,000 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 50% Fib retracement level of the downward move from the $22,498 swing high to $19,256 low. The next major resistance sits near the $21,200 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to start a recovery wave above the $20,000 level, it could continue to move down. An immediate support on the downside is near the $19,300 level.<\/p>\n
The next major support now sits near the $19,250 level or the recent low. A close below the $19,250 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 $19,300, followed by $18,500.<\/p>\n
Major Resistance Levels \u2013 $19,600, $20,000 and $20,500.<\/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-3277","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\/3277","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=3277"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3277\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=3277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=3277"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=3277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}