Bitcoin started a major decline and traded below $20,000 against the US Dollar. BTC remains at a risk of more losses unless it recovers above $20,000.<\/p>\n
Bitcoin started another decline below the $20,200 and $20,000 levels.
\nThe price is now trading below the $20,000 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could accelerate further lower below the $19,500 support zone in the coming sessions.<\/p>\n
Bitcoin Price Takes Hit<\/p>\n
Bitcoin price failed to recover above the $22,000 resistance zone<\/a>. BTC started a fresh decline below the $21,200 and $21,000 support levels.<\/p>\n The bears gained strength for a push below the $20,000 support zone. The price settled below the $20,000 level and the 100 hourly simple moving average<\/a>. A low is formed near $19,525 and the price is now consolidating losses.<\/p>\n On the upside, an immediate resistance is near the $19,800 level. The first major resistance sits near the $20,000 level. It is near the 23.6% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low.<\/p>\n Besides, there is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC\/USD pair. Bitcoin price must clear the $20,000 resistance zone to start a recovery wave.<\/p>\n <\/a><\/p>\n Source: BTCUSD on TradingView.com<\/a><\/p>\n The next major resistance could be near the $20,700 zone. It is close to the 50% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low. Any more gains might send the price towards the $21,000 resistance zone.<\/p>\n More Losses in BTC?<\/p>\n If bitcoin fails to clear the $20,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,500 level and the recent low.<\/p>\n The next major support sits near the $19,200 level. A close below the $19,200 support might spark a sharp decline. In the stated case, the price might decline towards the $18,500 level in the coming sessions.<\/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 $19,500, followed by $19,200.<\/p>\n Major Resistance Levels \u2013 $19,800, $20,000 and $21,000.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin started a major decline and traded below $20,000 against the US Dollar. BTC remains at a risk of more losses unless it recovers above $20,000.<\/p>\n Bitcoin started another decline below the $20,200 and $20,000 levels. Bitcoin Price Takes Hit<\/p>\n Bitcoin price failed to recover above the $22,000 resistance zone<\/a>. BTC started a fresh decline below the $21,200 and $21,000 support levels.<\/p>\n The bears gained strength for a push below the $20,000 support zone. The price settled below the $20,000 level and the 100 hourly simple moving average<\/a>. A low is formed near $19,525 and the price is now consolidating losses.<\/p>\n On the upside, an immediate resistance is near the $19,800 level. The first major resistance sits near the $20,000 level. It is near the 23.6% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low.<\/p>\n Besides, there is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC\/USD pair. Bitcoin price must clear the $20,000 resistance zone to start a recovery wave.<\/p>\n
\nThe price is now trading below the $20,000 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could accelerate further lower below the $19,500 support zone in the coming sessions.<\/p>\n
![<\/a><\/p>\nSource: BTCUSD on TradingView.com<\/a><\/p>\nThe next major resistance could be near the $20,700 zone. It is close to the 50% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low. Any more gains might send the price towards the $21,000 resistance zone.<\/p>\nMore Losses in BTC?<\/p>\nIf bitcoin fails to clear the $20,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,500 level and the recent low.<\/p>\nThe next major support sits near the $19,200 level. A close below the $19,200 support might spark a sharp decline. In the stated case, the price might decline towards the $18,500 level in the coming sessions.<\/p>\nTechnical indicators:<\/p>\nHourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\nHourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\nMajor Support Levels \u2013 $19,500, followed by $19,200.<\/p>\nMajor Resistance Levels \u2013 $19,800, $20,000 and $21,000.<\/p>","protected":false},"excerpt":{"rendered":"<\/p>\nBitcoin started a major decline and traded below $20,000 against the US Dollar. BTC remains at a risk of more losses unless it recovers above $20,000.<\/p>\nBitcoin started another decline below the $20,200 and $20,000 levels.\nThe price is now trading below the $20,000 level and the 100 hourly simple moving average.\nThere is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).\nThe pair could accelerate further lower below the $19,500 support zone in the coming sessions.<\/p>\nBitcoin Price Takes Hit<\/p>\nBitcoin price failed to recover above the $22,000 resistance zone<\/a>. BTC started a fresh decline below the $21,200 and $21,000 support levels.<\/p>\nThe bears gained strength for a push below the $20,000 support zone. The price settled below the $20,000 level and the 100 hourly simple moving average<\/a>. A low is formed near $19,525 and the price is now consolidating losses.<\/p>\nOn the upside, an immediate resistance is near the $19,800 level. The first major resistance sits near the $20,000 level. It is near the 23.6% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low.<\/p>\nBesides, there is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC\/USD pair. Bitcoin price must clear the $20,000 resistance zone to start a recovery wave.<\/p>\n<\/a><\/p>\nSource: BTCUSD on TradingView.com<\/a><\/p>\nThe next major resistance could be near the $20,700 zone. It is close to the 50% Fib retracement level of the downward move from the $21,875 swing high to $19,525 low. Any more gains might send the price towards the $21,000 resistance zone.<\/p>\nMore Losses in BTC?<\/p>\nIf bitcoin fails to clear the $20,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,500 level and the recent low.<\/p>\nThe next major support sits near the $19,200 level. A close below the $19,200 support might spark a sharp decline. In the stated case, the price might decline towards the $18,500 level in the coming sessions.<\/p>\nTechnical indicators:<\/p>\nHourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\nHourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\nMajor Support Levels \u2013 $19,500, followed by $19,200.<\/p>\nMajor Resistance Levels \u2013 $19,800, $20,000 and $21,000.<\/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-6488","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\/6488","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=6488"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/6488\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=6488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=6488"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=6488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/08\/Bitcoin-20.png\"){kind=link}