BTC / USD
50,942.85
1.09%
(-561.37)
ETH / USD
2,902.57
0.93%
(-27.13)
XRP / USD
0.54
3.04%
(-0.02)
LTC / USD
67.81
1.69%
(-1.16)
EOS / USD
0.74
4.56%
(-0.04)
BCH / USD
256.83
1.5%
(-3.9)
ADA / USD
0.58
4.08%
(-0.02)
XLM / USD
0.11
3.58%
(-0)
NEO / USD
12.00
3.53%
(-0.44)
XEM / USD
0.04
3.43%
(-0)
DASH / USD
28.45
2.87%
(-0.84)
USDT / USD
1.00
0.02%
(0)
BNB / USD
367.13
4.69%
(+16.44)
QTUM / USD
3.21
2.19%
(-0.07)
XVG / USD
0.00
4.03%
(-0)
ONT / USD
0.25
2.83%
(-0.01)
ZEC / USD
23.67
2.7%
(-0.66)
STEEM / USD
0.24
0.4%
(-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.