BTC / USD
26,585.27
1.7%
(-459.65)
ETH / USD
1,585.38
2.17%
(-35.19)
XRP / USD
0.51
1.63%
(-0.01)
LTC / USD
64.74
0.05%
(-0.03)
EOS / USD
0.57
1.22%
(-0.01)
BCH / USD
207.82
3.31%
(-7.11)
ADA / USD
0.25
2.85%
(-0.01)
XLM / USD
0.11
1.89%
(-0)
NEO / USD
7.41
2.87%
(-0.22)
XEM / USD
0.03
3.43%
(-0)
DASH / USD
26.25
1.54%
(-0.41)
USDT / USD
1.00
0%
(0)
BNB / USD
210.90
1.68%
(-3.6)
QTUM / USD
2.20
2.18%
(-0.05)
XVG / USD
0.00
3.98%
(-0)
ONT / USD
0.19
9.88%
(+0.02)
ZEC / USD
26.11
0.34%
(-0.09)
STEEM / USD
0.17
2.27%
(-0)

Bitcoin Price Could Recover If It Holds This Key Support

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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.

  • Bitcoin remained in a bearish zone and settled below the $20,000 level.
  • The price is now trading below the $19,600 level and the 100 hourly simple moving average.
  • There 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).
  • The pair might start a recovery wave if it stays above the $19,300 support zone.

Bitcoin Price Reaches Key Support

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.

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.

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.

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.

Source: BTCUSD on TradingView.com

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.

More Losses in BTC?

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.

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.

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 in the oversold zone.

Major Support Levels – $19,300, followed by $18,500.

Major Resistance Levels – $19,600, $20,000 and $20,500.

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