BTC / USD
27,114.30
1.46%
(+389.33)
ETH / USD
1,849.85
1.04%
(+18.98)
XRP / USD
0.47
1.13%
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LTC / USD
89.77
2.64%
(+2.31)
EOS / USD
0.89
1.32%
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BCH / USD
114.46
1.04%
(+1.18)
ADA / USD
0.37
2.39%
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0.09
0.66%
(0)
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10.74
10.39%
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0.03
1.24%
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42.62
1.16%
(+0.49)
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1.00
0%
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308.69
0.65%
(+1.98)
QTUM / USD
2.73
4.88%
(+0.13)
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0.00
1.26%
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4.77%
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33.00
1.48%
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0.19
1.63%
(0)

Bitcoin Remains In Downtrend, Risk of Drop Below $20K

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Bitcoin failed to recover above $23,000 against the US Dollar. BTC started a fresh decline and remains at a risk of a move below the $20,000 support.

  • Bitcoin failed to climb above $23,000 and started a fresh decline.
  • The price is now trading below the $22,000 level and the 100 hourly simple moving average.
  • There is a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of a move below the $20,000 support zone in the near term.

Bitcoin Price Revisits $20K

Bitcoin price attempted a fresh increase above the $22,000 level. However, the bears were active near the $22,800 and $23,000 levels. A high was formed near $22,950 and the price started a fresh decline.

There was a clear move below the $21,500 level and the price settled below the 100 hourly simple moving average. The price even declined below the $21,000 level and traded close to the $20,000 support zone. A low was formed near $20,200 and the price is now attempting an upside correction.

There was a move above the $20,500 resistance level. Bitcoin is now testing the 23.6% Fib retracement level of the recent decline from the $22,950 high to $20,200 low.

There is also a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $21,000 level. The first major resistance is near the $21,550 level.

Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $22,950 high to $20,200 low is also near the $21,550 level. Any more gains might send the price towards the $22,300 level or the 100 hourly simple moving average. The main resistance is still near the $23,000 level.

Fresh Decline in BTC?

If bitcoin fails to clear the $22,000 resistance zone and the trend line, it could start a fresh decline. An immediate support on the downside is near the $20,200 level.

The next major support is near the $20,000 level. A downside break below the $20,000 support could spark a sharp decline. In the stated case, the price could test $18,800.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $20,200, followed by $20,000.

Major Resistance Levels – $21,550, $22,300 and $23,000.

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