BTC / USD
66,532.82
3.79%
(+2427.1)
ETH / USD
3,686.27
5.91%
(+205.81)
XRP / USD
0.64
1.17%
(+0.01)
LTC / USD
89.60
0.96%
(-0.86)
EOS / USD
1.10
3.32%
(-0.04)
BCH / USD
443.59
2.15%
(-9.77)
ADA / USD
0.76
2.99%
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XLM / USD
0.15
4.55%
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NEO / USD
18.11
0.01%
(0)
XEM / USD
0.05
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DASH / USD
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2.92%
(+1.15)
USDT / USD
1.00
0.01%
(0)
BNB / USD
418.51
0.3%
(+1.25)
QTUM / USD
5.45
2.15%
(-0.12)
XVG / USD
0.01
10.86%
(0)
ONT / USD
0.33
0.54%
(-0)
ZEC / USD
33.95
4.94%
(+1.6)
STEEM / USD
0.30
0.23%
(-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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