BTC / USD
23,021.15
0.63%
(-145.46)
ETH / USD
1,576.79
1.31%
(-20.85)
XRP / USD
0.40
1.71%
(-0.01)
LTC / USD
95.61
1.19%
(+1.12)
EOS / USD
1.03
3.56%
(-0.04)
BCH / USD
131.55
2.45%
(-3.31)
ADA / USD
0.38
4.01%
(-0.02)
XLM / USD
0.09
2.84%
(-0)
NEO / USD
8.00
2.61%
(-0.21)
XEM / USD
0.04
0.03%
(0)
DASH / USD
59.87
0.33%
(-0.2)
USDT / USD
1.00
0%
(0)
BNB / USD
309.12
1.49%
(-4.66)
QTUM / USD
2.59
4.81%
(-0.13)
XVG / USD
0.00
1%
(-0)
ONT / USD
0.20
2.83%
(-0.01)
ZEC / USD
44.90
1.82%
(-0.83)
STEEM / USD
0.19
1.04%
(-0)

TA: Bitcoin Price At Major Risk of A Breakdown Below $20K: Here’s Why

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Bitcoin settled below the $21,000 support zone against the US Dollar. BTC is showing bearish signs and remains at a risk of a major breakdown below $20,000.

  • Bitcoin struggled to correct higher and stayed below the $21,000 resistance zone.
  • The price is now trading below $20,750 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $20,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is consolidating above the $20,000 level and might start another decline.

Bitcoin Price Faces Sellers

Bitcoin price remained in a bearish zone below the $21,000 level. There was a short-term recovery wave, but the bears were active near the $20,300 and $20,350 levels.

The price started a fresh decline and traded below the $20,000 level. It even broke the recent swing low and traded to a new weekly low at $19,619. The price is now trading below $20,750 and the 100 hourly simple moving average.

There is also a key bearish trend line forming with resistance near $20,250 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $20,300 level. It is near the 23.6% Fib retracement level of the key drop from the $22,790 swing high to $19,619 low.

A clear move above the trend line and $20,300 might send the price towards the $20,750 resistance. The next major resistance sits near the $21,200 level. It coincides with the 50% Fib retracement level of the key drop from the $22,790 swing high to $19,619 low.

Source: BTCUSD on TradingView.com

A close above the $21,200 resistance might start a fresh increase. In the stated case, the price may perhaps rise towards $22,000. Any more gains might send the price towards the $22,450 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $20,300 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,000 zone.

The next major support is near the $19,600 and $19,500 levels. A downside break below the $19,500 level might send the price towards the $18,500 support.

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 – $20,000, followed by $19,500.

Major Resistance Levels – $20,300, $20,750 and $21,200.

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