Bitcoin’s value against the US Dollar was below $23,000, but it failed to rebound above that level. BTC began a new decline, and there is still a chance that it will fall below $20,000 support.
- Bitcoin crashed below $23,000 and began a new downturn.
- The current price of the stock is trading at below $22,000 and the simple 100-hour moving average.
- A new connective bearish trend line is emerging with resistance at $20,850 (data feed Kraken).
- In the short term, the pair is still at risk of moving below the $20,000 support area.
Revisions to Bitcoin’s Price of $20K
Bitcoin prices attempted to rise above $22,000. The bears were still active at the $22,800-$23,000. Near $22,950 was a peak and the market began to decline again.
The price fell below $21,500 and settled lower than the simple 100-hour moving average. It traded near the $20,000 support area and even fell to $21,000. An upside correction is underway as the price tries to correct its downward trend.
A move was seen above the $20,000.500 resistance. Bitcoin now tests the 23.6% Fib level of the recent fall from $22,950 to $20,200 high.
A new connective bearish trend line is also emerging with resistance at $20,850. This hourly chart shows the BTC/USD pair. The $21,000 mark is the immediate resistance. Near the $21,550 mark is the first significant resistance.
Source: BTCUSD at TradingView.com
Also, the Fib retracement of the decline from the $22,950 low to the $20,200 high is at 50%. The price could move towards the $22,300 mark or to the simple 100-hour moving average if it gains further. However, the main resistance remains at $23,000.
BTC – A New Decline
It could lead to a further decline if bitcoin does not clear the $22,000 trend line resistance area. The $20,200 level is a support area for the downside.
Next major support will be at the $20,000 mark. If the support falls below $20,000, it could lead to a steep decline. The price may reach $18,800 in the above scenario.
Indicators technical
Hourly MACD – The MACD is now losing 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 – $21,550, $22,300 and $23,000.
