Bitcoin Remains In Downtrend, Risk Of Drop Below $20k

Bitcoin did not recuperate above $23,000 towards the US Greenback. BTC began a recent decline and stays at a danger of a transfer under the $20,000 assist.

  • Bitcoin did not climb above $23,000 and began a recent decline.
  • The worth is now buying and selling under the $22,000 stage and the 100 hourly easy shifting common.
  • There’s a new connecting bearish pattern line forming with resistance close to $20,850 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair stays at a danger of a transfer under the $20,000 assist zone within the close to time period.

Bitcoin Worth Revisits $20K

Bitcoin worth tried a recent enhance above the $22,000 stage. Nonetheless, the bears have been lively close to the $22,800 and $23,000 ranges. A excessive was shaped close to $22,950 and the worth began a recent decline.

There was a transparent transfer under the $21,500 stage and the worth settled under the 100 hourly easy shifting common. The worth even declined under the $21,000 stage and traded near the $20,000 assist zone. A low was shaped close to $20,200 and the worth is now trying an upside correction.

There was a transfer above the $20,500 resistance stage. Bitcoin is now testing the 23.6% Fib retracement stage of the current decline from the $22,950 excessive to $20,200 low.

There’s additionally a brand new connecting bearish pattern line forming with resistance close to $20,850 on the hourly chart of the BTC/USD pair. An instantaneous resistance on the upside is close to the $21,000 stage. The primary main resistance is close to the $21,550 stage.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The 50% Fib retracement stage of the current decline from the $22,950 excessive to $20,200 low can be close to the $21,550 stage. Any extra positive aspects may ship the worth in direction of the $22,300 stage or the 100 hourly easy shifting common. The primary resistance remains to be close to the $23,000 stage.

Contemporary Decline in BTC?

If bitcoin fails to clear the $22,000 resistance zone and the pattern line, it might begin a recent decline. An instantaneous assist on the draw back is close to the $20,200 stage.

The following main assist is close to the $20,000 stage. A draw back break under the $20,000 assist might spark a pointy decline. Within the acknowledged case, the worth might check $18,800.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now under the 50 stage.

Main Assist Ranges – $20,200, adopted by $20,000.

Main Resistance Ranges – $21,550, $22,300 and $23,000.

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