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Bitcoin Price Trims Gains, Why BTC Could Dive To New Monthly Low

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Bitcoin failed to stay above the $20,000 resistance against the US Dollar. BTC is sliding and might even break the $18,250 support zone.

  • Bitcoin failed to stay above the $20,000 resistance and started a fresh decline.
  • The price is trading below $19,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $19,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate lower below the $18,250 support zone in the near term.

Bitcoin Price Restarts Decline

Bitcoin price attempted a decent upward move above the $19,500 resistance. BTC even climbed above the $20,000 resistance and the 100 hourly simple moving average.

However, the crypto market faced a fresh selling interest after the US Dollar regained strength. As a result, bitcoin price topped near the $20,383 level and started another decline. There was a sharp move below the $20,000 level.

Besides, there was a break below a key bullish trend line with support near $19,450 on the hourly chart of the BTC/USD pair. The pair declined below the 61.8% Fib retracement level of the upward move from the $18,645 swing low to $20,383 high.

It is now trading below $19,000 and the 100 hourly simple moving average. An immediate support on the downside sits near the $18,600 level, with a bearish angle. On the upside, an immediate resistance is near the $19,000 level.

Source: BTCUSD on TradingView.com

The next major resistance sits near the $19,200 zone and the 100 hourly simple moving average. A close above the $19,200 level might start a decent increase. In the stated case, the price could rise towards $19,500. Any more gains might lead the price higher towards the $20,000 resistance zone.

More Losses in BTC?

If bitcoin fails to recover above the $19,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $18,500 zone.

The next major support is near the $18,250 zone. It is near the 10236 Fib extension level of the upward move from the $18,645 swing low to $20,383 high. Any more losses might call for a drop towards the $17,500 support zone in the coming sessions.

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 – $18,500, followed by $18,250.

Major Resistance Levels – $19,000, $19,200 and $20,000.

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