BTC / USD
25,774.44
3.76%
(-1006.98)
ETH / USD
1,815.99
2.91%
(-54.48)
XRP / USD
0.51
4.36%
(-0.02)
LTC / USD
87.50
6.34%
(-5.92)
EOS / USD
0.84
6.75%
(-0.06)
BCH / USD
109.36
3.85%
(-4.38)
ADA / USD
0.35
6.4%
(-0.02)
XLM / USD
0.09
3.38%
(-0)
NEO / USD
9.30
7.93%
(-0.8)
XEM / USD
0.03
6.54%
(-0)
DASH / USD
39.12
6.7%
(-2.81)
USDT / USD
1.00
0%
(0)
BNB / USD
277.11
7.72%
(-23.19)
QTUM / USD
2.45
6.88%
(-0.18)
XVG / USD
0.00
6.19%
(-0)
ONT / USD
0.20
7.71%
(-0.02)
ZEC / USD
29.47
6.98%
(-2.21)
STEEM / USD
0.17
6.02%
(-0.01)

Bitcoin Dips Further, Why BTC Could Revisit $20K

0

Bitcoin is moving lower below the $21,000 zone against the US Dollar. BTC could gain bearish momentum below the $20,650 support zone.

  • Bitcoin struggled to rise above $21,200 and declined towards $20,650.
  • The price is now below the $21,000 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $21,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline further if there is a clear move below the $20,650 zone.

Bitcoin Price Remains At Risk

Bitcoin price failed to clear the $21,500 resistance zone and started a fresh decline. The price declined below the $21,200 and $21,000 levels.

There was a clear move below the 50% Fib retracement level of the upward move from the $19,751 swing low to $21,780 high. There was also a close below the $20,800 level and the 100 hourly simple moving average.

Bitcoin tested the $20,600 and $20,500 support levels. It is now consolidating near the 61.8% Fib retracement level of the upward move from the $19,751 swing low to $21,780 high. An immediate resistance on the upside is near the $21,920 level.

The next key resistance is near the $21,000 level. There is also a key bearish trend line forming with resistance near $21,000 on the hourly chart of the BTC/USD pair. A clear move above the $21,000 level might start a decent increase.

Source: BTCUSD on TradingView.com

In the stated case, the price could rise above the $21,250 level. The next major stop might be near the $21,780 high, above which the price may perhaps rise towards the $22,500 level.

More Losses in BTC?

If bitcoin fails to clear the $21,250 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,650 zone and $20,500.

A downside break below the $20,650 support zone could start a major decline. In the stated case, the price might slide towards the $20,000 level. Any more losses could set the pace for a move towards the $19,200 level or even $18,800 in the coming sessions.

Technical indicators:

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

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

Major Support Levels – $20,500, followed by $20,000.

Major Resistance Levels – $20,920, $21,250 and $22,500.

Leave A Reply

Your email address will not be published.