Bitcoin prolonged losses and traded beneath $19,600 in opposition to the US Greenback. 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 shifting common.
- There’s a main bearish development line forming with resistance close to $19,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin a restoration wave if it stays above the $19,300 assist zone.
Bitcoin Value Reaches Key Help
Bitcoin value began a fresh 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 shaped close to $19,256 and the worth is now consolidating close to a serious assist at $19,300. Additionally it is buying and selling beneath the $19,600 degree and the 100 hourly simple moving average.
If bitcoin stays above the $19,300 zone, it’d begin a restoration wave. On the upside, the worth may resistance close to the $19,550 and $19,600 ranges.
There’s additionally 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’s close to the 23.6% Fib retracement degree of the downward transfer from the $22,498 swing excessive to $19,256 low.
Supply: BTCUSD on TradingView.com
A detailed above the $20,000 resistance zone may set the tempo for a take a look at of the 100 hourly easy shifting common. Any extra beneficial properties may open the doorways for a transfer in the 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.
Extra Losses in BTC?
If bitcoin fails to begin a restoration wave above the $20,000 degree, it may proceed to maneuver down. A right away 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. A detailed beneath the $19,250 assist zone may speed up losses. Within the acknowledged case, there’s a threat of a transfer in the direction of the $18,500 degree.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now within the oversold zone.
Main Help Ranges – $19,300, adopted by $18,500.
Main Resistance Ranges – $19,600, $20,000 and $20,500.