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TA: Bitcoin Price At Major Risk of A Breakdown Below $20K: Here’s Why

Bitcoin settled beneath the $21,000 assist zone in opposition to the US Dollar. BTC is displaying bearish indicators and stays at a threat of a significant breakdown beneath $20,000.

  • Bitcoin struggled to right increased and stayed beneath the $21,000 resistance zone.
  • The price is now buying and selling beneath $20,750 and the 100 hourly easy shifting common.
  • There is a key bearish development line forming with resistance close to $20,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is consolidating above the $20,000 stage and would possibly begin one other decline.

Bitcoin Price Faces Sellers

Bitcoin price remained in a bearish zone beneath the $21,000 stage. There was a short-term restoration wave, however the bears had been energetic close to the $20,300 and $20,350 ranges.

The price began a recent decline and traded beneath the $20,000 stage. It even broke the latest swing low and traded to a brand new weekly low at $19,619. The price is now buying and selling beneath $20,750 and the 100 hourly easy shifting common.

There can be a key bearish development line forming with resistance close to $20,250 on the hourly chart of the BTC/USD pair. On the upside, a direct resistance is close to the $20,300 stage. It is close to the 23.6% Fib retracement stage of the important thing drop from the $22,790 swing excessive to $19,619 low.

A clear transfer above the development line and $20,300 would possibly ship the price in direction of the $20,750 resistance. The subsequent main resistance sits close to the $21,200 stage. It coincides with the 50% Fib retracement stage of the important thing drop from the $22,790 swing excessive to $19,619 low.

Source: BTCUSD on TradingView.com

A shut above the $21,200 resistance would possibly begin a recent improve. In the said case, the price might maybe rise in direction of $22,000. Any extra positive aspects would possibly ship the price in direction of the $22,450 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $20,300 resistance zone, it might proceed to maneuver down. An quick assist on the draw back is close to the $20,000 zone.

The subsequent main assist is close to the $19,600 and $19,500 ranges. A draw back break beneath the $19,500 stage would possibly ship the price in direction of the $18,500 assist.

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 beneath the 50 stage.

Major Support Levels – $20,000, adopted by $19,500.

Major Resistance Levels – $20,300, $20,750 and $21,200.

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