Bitcoin failed to stay above the $20,000 resistance against the US Dollar. BTC is slipping 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 uptrend 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 begins to decline again
Bitcoin price attempted a decent rise above the $19,500 resistance. BTC even broke above the $20,000 resistance and the 100 hourly simple moving average.
However, the crypto market faced renewed selling interest after the US Dollar regained strength. As a result, the bitcoin price broke above the $20,383 level and started a fresh decline. There was a sharp move below the $20,000 level.
Additionally, there was a break below a key uptrend line with support near $19,450 on the hourly chart of the BTC/USD pair. The pair broke below the 61.8% Fib retracement level of the upward move from the lows of $18,645 to highs of $20,383.
It is now trading below $19,000 and the 100 hourly simple moving average. Immediate support on the downside is seen 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 is near the $19,200 area and the 100 hourly simple moving average. A close above the $19,200 level could trigger a decent rise. In the indicated case, the price could climb towards $19,500. Any further gains could drive the price up 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 decline. Immediate support on the downside is seen near the $18,500 area.
The next major support is near the $18,250 area. It is near the 10236 Fib extension level of the upward move from the swing low from the $18,645 high to $20,383 high. Any further losses could lead to a decline towards the $17,500 support zone in the next few sessions.
Technical indicators:
Hourly MACD – The MACD is now accelerating into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support levels – $18,500, followed by $18,250.
Main resistance levels – $19,000, $19,200 and $20,000.
Bitcoin failed to stay above the $20,000 resistance against the US Dollar. BTC is slipping 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 uptrend 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 begins to decline again
Bitcoin price attempted a decent rise above the $19,500 resistance. BTC even broke above the $20,000 resistance and the 100 hourly simple moving average.
However, the crypto market faced renewed selling interest after the US Dollar regained strength. As a result, the bitcoin price broke above the $20,383 level and started a fresh decline. There was a sharp move below the $20,000 level.
Additionally, there was a break below a key uptrend line with support near $19,450 on the hourly chart of the BTC/USD pair. The pair broke below the 61.8% Fib retracement level of the upward move from the lows of $18,645 to highs of $20,383.
It is now trading below $19,000 and the 100 hourly simple moving average. Immediate support on the downside is seen 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 is near the $19,200 area and the 100 hourly simple moving average. A close above the $19,200 level could trigger a decent rise. In the indicated case, the price could climb towards $19,500. Any further gains could drive the price up 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 decline. Immediate support on the downside is seen near the $18,500 area.
The next major support is near the $18,250 area. It is near the 10236 Fib extension level of the upward move from the swing low from the $18,645 high to $20,383 high. Any further losses could lead to a decline towards the $17,500 support zone in the next few sessions.
Technical indicators:
Hourly MACD – The MACD is now accelerating into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support levels – $18,500, followed by $18,250.
Main resistance levels – $19,000, $19,200 and $20,000.