Bitcoin lost more and was trading below $20,000 against US Dollar. BTC may revisit the $19500 support zone. This could give bears a chance to test.
- Bitcoin has been trending bearish below the $20,000.500 pivot point.
- The price currently trades below the $20,000.500 level, and the 100 hourly simple moving mean.
- The hourly BTC/USD chart showed a breaking below a significant bullish trend line, with support close to $20,000. (data feed Kraken).
- Support might be found at $19,500 or $19,350 for the pair.
Bitcoin Price Extends Losses
After it fell below the $22,000 mark, Bitcoin prices began to fall again. It fell below the $21,200 level and $21,000 levels.
The price was below the 61.8% Fib Retracement level for the upward swing from the $19301 swing low to the $22,500 swing peak. On the hourly chart for the BTC/USD pair, the price also broke below a significant bullish trend line, with support close to $20,500.
Bitcoin prices are now below the $20,000.00 level. Even lower than the 76.4% Fib Retracement level, which is the peak of the upward movement from $19,301 swing lows to $22,500 swing highs.
There is however a significant support at $19,500. Surprisingly, resistance could be found near $20,000 or $20,150.
Source: BTCUSD from TradingView.com
Near the $20,000.500 (the zone of recent collapse) is the next major resistance. The pace could be set for the test of the simple 100-hour moving average if the price closes above $20,500. If there are more gains, it could be possible to move up towards $21,750. Near the $22,000 mark is the next significant resistance.
BTC Losses:
Bitcoin could fall further if it fails to recover from the collapse above $20,150. Support for the downside lies near $19 580.
Near the $19300 level, or the lowest swing low, is the next major support. Losses could be accelerated if the support zone of $19,300 is breached. The risk is that the price could move to the $18,500 mark in this case.
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 in the oversold zone.
Major Support Levels – $19,600, followed by $19,300.
Major Resistance Levels – $20,150, $20,500 and $21,750.
