BTC / USD
28,493.56
0.08%
(+21.4)
ETH / USD
1,822.57
0.03%
(+0.56)
XRP / USD
0.51
5.11%
(-0.03)
LTC / USD
92.86
3.63%
(+3.25)
EOS / USD
1.19
0.25%
(-0)
BCH / USD
126.54
2.08%
(+2.58)
ADA / USD
0.39
1.1%
(-0)
XLM / USD
0.11
3.3%
(-0)
NEO / USD
12.43
1.43%
(-0.18)
XEM / USD
0.04
1.53%
(0)
DASH / USD
58.84
0.53%
(+0.31)
USDT / USD
1.00
0%
(0)
BNB / USD
314.80
0.67%
(-2.11)
QTUM / USD
3.14
1.22%
(+0.04)
XVG / USD
0.00
1.72%
(-0)
ONT / USD
0.24
3.13%
(+0.01)
ZEC / USD
38.29
1.21%
(-0.47)
STEEM / USD
0.22
1.45%
(0)

Bitcoin Price Makes U-Turn, Why BTC Could Tumble to $18K

0

Bitcoin started a fresh decline below the $20,000 support zone against the US Dollar. BTC traded below $19,000 and remains at a risk of a move to $18,000.

  • Bitcoin started a fresh decline and traded below the $19,500 support.
  • The price is now trading below $19,200 and the 100 hourly simple moving average.
  • There was a break below a connecting bullish trend line with support at $19,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now at a risk of a move towards the $18,000 support zone in the near term.

Bitcoin Price Starts Fresh Decline

Bitcoin price failed to surpass the $20,500 resistance level. BTC started a fresh decline and traded below the $20,000 and $19,500 support levels.

Besides, there was a break below a connecting bullish trend line with support at $19,850 on the hourly chart of the BTC/USD pair. The pair accelerated lower below the $19,200 level and the 100 hourly simple moving average. It even declined below $19,000 and traded as low as $18,706.

Bitcoin price is now consolidating losses below $19,200 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $19,050 level. It is near the 23.6% Fib retracement level of the recent decline from the $20,197 swing high to $18,706 low.

The next major resistance sits near the $19,350 level. It coincides with the 50% Fib retracement level of the recent decline from the $20,197 swing high to $18,706 low.

Source: BTCUSD on TradingView.com

The main barrier is now forming near the $20,000 zone and the 100 hourly simple moving average. A close above the $20,000 resistance might start a fresh increase. In the stated case, the price may perhaps rise towards $21,200.

More Losses in BTC?

If bitcoin fails to start a recovery wave above the $19,050 resistance zone, it could continue to move down. An immediate support on the downside is near the $18,700 zone.

The next major support is near the $18,550 level. A clear move below the $18,700 and $18,550 levels might open the doors for a move towards the $18,000 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 below the 50 level.

Major Support Levels – $18,700, followed by $18,550.

Major Resistance Levels – $19,050, $19,300 and $19,500.

Leave A Reply

Your email address will not be published.