Bitcoin prolonged losses and traded beneath $19,600 towards the US Dollar. BTC may begin a restoration wave if it stays above the $19,300 assist zone.
- Bitcoin remained in a bearish zone and settled beneath the $20,000 degree.
- The value is now buying and selling beneath the $19,600 degree and the 100 hourly easy transferring common.
- There is a serious bearish development line forming with resistance close to $19,600 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin a restoration wave if it stays above the $19,300 assist zone.
Bitcoin Price Reaches Key Support
Bitcoin value began a recent decline beneath the $21,000 assist zone. The bears gained energy and pushed the worth beneath the $20,000 assist zone.
The decline even prolonged beneath the $19,600 assist zone. A low is fashioned close to $19,256 and the worth is now consolidating close to a serious assist at $19,300. It can also be buying and selling beneath the $19,600 degree and the 100 hourly easy transferring common.
If bitcoin stays above the $19,300 zone, it would begin a restoration wave. On the upside, the worth may resistance close to the $19,550 and $19,600 ranges.
There can also be a serious bearish development line forming with resistance close to $19,600 on the hourly chart of the BTC/USD pair. The subsequent key resistance is close to the $20,000 zone (the latest breakdown zone). It is close to the 23.6% Fib retracement degree of the downward transfer from the $22,498 swing excessive to $19,256 low.
Source: BTCUSD on TradingView.com
An in depth above the $20,000 resistance zone may set the tempo for a check of the 100 hourly easy transferring common. Any extra beneficial properties may open the doorways for a transfer in direction of the 50% Fib retracement degree of the downward transfer from the $22,498 swing excessive to $19,256 low. The subsequent main resistance sits close to the $21,200 degree.
More Losses in BTC?
If bitcoin fails to start out a restoration wave above the $20,000 degree, it may proceed to maneuver down. An rapid assist on the draw back is close to the $19,300 degree.
The subsequent main assist now sits close to the $19,250 degree or the latest low. An in depth beneath the $19,250 assist zone may speed up losses. In the acknowledged case, there’s a threat of a transfer in direction of the $18,500 degree.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now within the oversold zone.
Major Support Levels – $19,300, adopted by $18,500.
Major Resistance Levels – $19,600, $20,000 and $20,500.
