Bitcoin began a decline, and it traded at $20,000 below the US dollar. BTC is at risk of further losses until it recovers over $20,000.
- Bitcoin experienced another drop below levels of $20,200 and $20,000
- The price currently trades below the $20,000 mark and the 100 hourly simple moving mean.
- A key bearish trendline is emerging with resistance close to $20,000 in the hourly charts of the BTC/USD pairs (data feed Kraken).
- In the next sessions, the pair may accelerate lower than the $19 500 support zone.
Bitcoin Prices Hit
The $22,000 resistance level was not breached by Bitcoin prices. BTC began a new decline below $21,200, and $21,000 support levels.
In order to push the price below $20,000, the bears gained momentum. The 100-hourly simple moving mean and $20,000 levels were both reached. The price has been consolidating its losses since a low was formed at $19,525
Surprisingly, a resistance level is located near $19 800. It is located near $20,000, the first major resistance. This is close to the 23.6% Fib level of the downmove from $21,875 high to $194,525 low.
On the hourly charts of BTC/USD, there’s a bearish trend line that is emerging with resistance at $20,000 Bitcoin prices must break the $20,000 resistance zone in order to begin a recovery wave.
Source: BTCUSD at TradingView.com
Near the $20,000.00 zone could be next to come. This price is very close to the Fib level of the decline from the $21,875 swing high and $19,525 lowest. If the gains continue, the price might reach the $21,000 resistance area.
BTC: More losses
Bitcoin could move lower if it fails to break the $20,000 resistance level. The $19,500 and recent low levels provide immediate support for the downside.
Near the $19,000.200 mark is the next support. If the support is reached below $19 200, it could lead to a rapid decline. The price could fall towards $18,500 in this scenario.
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 – $19,500, followed by $19,200.
Major Resistance Levels – $19,800, $20,000 and $21,000.
