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Bitcoin started another decline below the $20,200 and $20,000 levels. The price now trades below the $20,000 level and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further below the $19,500 support zone in the coming sessions.
Bitcoin price failed to recover above the $22,000 resistance zone. BTC started a fresh decline below the $21,200 and $21,000 support levels.
The bears gained strength for a push below the $20,000 support zone. The price settled below the $20,000 level and the 100 hourly simple moving average.
A low is formed near $19,525, and the price is now consolidating losses. On the upside, immediate resistance is near the $19,800 level.
The first significant resistance sits near the $20,000 level. It is near the 23.6% Fib retracement level of the downward move from the $21,875 swing high to the $19,525 low.
Besides, there is a key bearish trend line forming with resistance near $20,000 on the hourly chart of the BTC/USD pair. Bitcoin price must clear the $20,000 resistance zone to start a recovery wave.
The next significant resistance could be near the $20,700 zone. It is close to the 50% Fib retracement level of the downward move from the $21,875 swing high to the $19,525 low. Any more gains might send the price towards the $21,000 resistance zone.
If bitcoin fails to clear the $20,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $19,500 level and the recent low.
The next significant support sits near the $19,200 level. A close below the $19,200 support might spark a sharp decline. In the stated case, the price might decline towards the $18,500 level in the coming sessions. - newsbtc
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TA: Bitcoin Price Recovers, But Here’s What Could Trigger Another Decline |
