Bitcoin extended losses and traded below $19,200 against the US Dollar. BTC found support near $19,000 and started an upside correction.<\/p>\n
Bitcoin traded as low as $18,916 and started an upside correction.
\nThe price is now trading above the $20,000 level and testing the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $19,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might gain bullish momentum if it clears the 100 hourly SMA and $20,600.<\/p>\n
Bitcoin Price Recovers Above $20K<\/p>\n
Bitcoin price started a fresh decline below the $20,000 support zone. The price even broke the $19,600 and $19,250 support levels.<\/p>\n
Finally, there was a spike below the $19,000 level. A low was formed near $18,916 and the price is now correcting losses. There was a steady move above the $19,250 and $19,500 levels. The bulls pumped the price above the 23.6% Fib retracement level of the downward move from the $22,499 swing high to $18,916 low.<\/p>\n
Besides, there was a break above a key bearish trend line with resistance near $19,400 on the hourly chart of the BTC\/USD pair. The price even climbed above the $20,000 resistance level.<\/p>\n
Bitcoin is now trading above the $20,000 level and testing the 100 hourly simple moving average. It seems to be facing resistance near the $20,350 level. On the upside, the price could resistance near the $20,600 level. The next key resistance is near the $20,700 zone.<\/p>\n
The 50% Fib retracement level of the downward move from the $22,499 swing high to $18,916 low is also near the $20,700 level. A close above the $20,700 resistance zone could set the pace for a decent increase.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
In the stated case, the price may perhaps rise towards the $21,650 level. The next major resistance sits near the $22,000 level.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to start a recovery wave above the $20,600 level, it could start a fresh decline. An immediate support on the downside is near the $20,000 level.<\/p>\n
The next major support now sits near the $19,500 level. A close below the $19,500 support zone could accelerate losses. In the stated case, there is a risk of a move towards the $18,800 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $20,000, followed by $19,500.<\/p>\n
Major Resistance Levels \u2013 $20,350, $20,600 and $20,700.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin extended losses and traded below $19,200 against the US Dollar. BTC found support near $19,000 and started an upside correction.<\/p>\n
Bitcoin traded as low as $18,916 and started an upside correction.
\nThe price is now trading above the $20,000 level and testing the 100 hourly simple moving average.
\nThere was a break above a key bearish trend line with resistance near $19,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might gain bullish momentum if it clears the 100 hourly SMA and $20,600.<\/p>\n
Bitcoin Price Recovers Above $20K<\/p>\n
Bitcoin price started a fresh decline below the $20,000 support zone. The price even broke the $19,600 and $19,250 support levels.<\/p>\n
Finally, there was a spike below the $19,000 level. A low was formed near $18,916 and the price is now correcting losses. There was a steady move above the $19,250 and $19,500 levels. The bulls pumped the price above the 23.6% Fib retracement level of the downward move from the $22,499 swing high to $18,916 low.<\/p>\n
Besides, there was a break above a key bearish trend line with resistance near $19,400 on the hourly chart of the BTC\/USD pair. The price even climbed above the $20,000 resistance level.<\/p>\n
Bitcoin is now trading above the $20,000 level and testing the 100 hourly simple moving average. It seems to be facing resistance near the $20,350 level. On the upside, the price could resistance near the $20,600 level. The next key resistance is near the $20,700 zone.<\/p>\n
The 50% Fib retracement level of the downward move from the $22,499 swing high to $18,916 low is also near the $20,700 level. A close above the $20,700 resistance zone could set the pace for a decent increase.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
In the stated case, the price may perhaps rise towards the $21,650 level. The next major resistance sits near the $22,000 level.<\/p>\n
Fresh Decline in BTC?<\/p>\n
If bitcoin fails to start a recovery wave above the $20,600 level, it could start a fresh decline. An immediate support on the downside is near the $20,000 level.<\/p>\n
The next major support now sits near the $19,500 level. A close below the $19,500 support zone could accelerate losses. In the stated case, there is a risk of a move towards the $18,800 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $20,000, followed by $19,500.<\/p>\n
Major Resistance Levels \u2013 $20,350, $20,600 and $20,700.<\/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-3363","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\/3363","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=3363"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/3363\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=3363"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=3363"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=3363"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}