Bitcoin’s price is falling below the $21,000 level against the US dollar. BTC may experience bearish momentum below $20,650 support.
- Bitcoin fell to $20,650 and failed to reach $21,200.
- The current price of the stock is below the $21,000 mark and the 100 hourly moving average.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $21,000 (data feed Kraken).
- A clear move below $20,650 could cause the pair to fall even further.
Bitcoin price remains at risk
The $21,500 resistance level was not reached by Bitcoin and the price of Bitcoin began a new decline. Bitcoin price fell below $21,200, $21,000 levels.
Clear movement below 50% Fib Retracement of the upward swing from $19,751 swing low and $21,780 high was evident. The close was below the $20,000.00 level as well as the simple 100-hour moving average.
Bitcoin reached the $20,600 support level and the $20,500 resistance levels. Bitcoin is consolidating at the 61.8% Fib level of the upmove from $19,751 swing lows to $21,780 highs. A resistance level near $21,920 is immediate on the upside.
Near the $21,000 mark is the next major resistance. The hourly chart shows a significant bearish trendline with resistance close to $21,000. An increase in the price could be initiated by a clear move higher than $21,000.
Source: BTCUSD at TradingView.com
If the case is true, then the price may rise to the $21,250 mark. Next stop could be at the $21,780 level, where the price might rise to the $22,500 mark.
BTC Losses:
Bitcoin could move lower if it fails to break the $21,250 resistance area. The $20,650 and $20,500 zones provide immediate support for the downside.
A major drop below the $20,000.650 support level could be the beginning of a downside breakout. The price could fall to $20,000 in the above scenario. If there are more losses, the price could slide towards $19 200 or $18,800.
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 – $20,500, followed by $20,000.
Major Resistance Levels – $20,920, $21,250 and $22,500.
