Bitcoin prices began to fall from 21,000 USD. BTC may see another increase, if the price is stable above the $20,000 level.
- Bitcoin has been slowly falling below the $21,000 resistance area.
- It is currently trading at below 20.500, and it has fallen to the simple 100-hour moving average.
- A key channel of decline is showing with resistance at $20,700 (data feed Kraken).
- A move higher by the pair is possible if they remain above the $20,000 support area.
Bitcoin Price Starts Downside Correction
Bitcoin prices attempted to break the $21,000 barrier again. BTC lost momentum over the $21,000 resistance.
Near $21,074 was the high and this price began to fall. A move below $20,600 or $20,500 was observed. Bears moved the price lower than the 50% Fib level to retrace the upward swing from the $20.029 swing low, to the $21,074 peak.
Bitcoin’s price has fallen below $20,500 as well as the simple moving average of 100 hours. On the hourly chart for the BTC/USD pair, there is a significant declining channel with resistance at $20,000.
The support zone of $20,450 is currently held by the price. The price is within the fib retracement of the upward swing from $20,029 low to $21,074 highest at 61.8%. Surprisingly, immediate resistance lies near the $20,000.00 zone and 100-hourly simple moving average.
Source: BTCUSD at TradingView.com
It is located near the channel trendline and $20,700 as the initial major resistance. Nearly $21,000 is the next major resistance. If the resistance is breached, it could lead to a gradual climb towards $22,000. Gains above the $21,000 resistance could open up the possibility of a test at the $22,500 zone.
BTC: More losses
Bitcoin could fall further if it fails to climb above the $20,000.00 resistance zone. Support for the downside lies near the 20,450 level.
Next major support will be in the 20,200 range. 20,000. This support is the primary. The main support is $20,000. A negative break or close below $20,000 could open up the possibility of a significant decline in the short term.
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 – $20,200, followed by $20,000.
Major Resistance Levels – $20,600, $20,700 and $21,000.
