Bitcoin started a fresh decline below the $20,000 support zone against the US Dollar. BTC traded below $19,000 and remains at risk of rising to $18,000.
- Bitcoin started a fresh decline and traded below the $19,500 support.
- The price is now trading below $19,200 and the 100 hourly simple moving average.
- There was a break below a connecting bullish trend line with support at $19,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of heading towards the $18,000 support zone in the near term.
The price of Bitcoin begins a new decline
The price of Bitcoin did not exceed the $20,500 resistance level. BTC started a fresh decline and traded below the $20,000 and $19,500 support levels.
Additionally, there was a break below a connecting uptrend line with support at $19,850 on the hourly chart of the BTC/USD pair. The pair accelerated below the $19,200 level and the 100 hourly simple moving average. It even fell below $19,000 and traded as low as $18,706.
Bitcoin price is now consolidating losses below $19,200 and the 100 hour simple moving average. On the upside, an immediate resistance is near the $19,050 level. It is near the 23.6% Fib retracement level of the recent decline from the $20,197 high to $18,706 low.
The next major resistance is seen near the $19,350 level. This coincides with the 50% Fib retracement level of the recent swing low from the $20,197 swing low of $18,706.
Source: BTCUSD on TradingView.com
The main barrier is now forming near the $20,000 area and the 100 hourly simple moving average. A close above the $20,000 resistance could trigger a further increase. In the indicated case, the price can possibly climb towards $21,200.
More losses in BTC?
If bitcoin fails to start a wave of recovery above the $19,050 resistance area, it could continue lower. Immediate support on the downside is seen near the $18,700 area.
The next major support is near the $18,550 level. A clear break below the $18,700 and $18,550 levels could open the doors for a move towards the $18,000 level.
Hourly MACD – The MACD is now accelerating into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support levels – $18,700, followed by $18,550.
Main resistance levels – $19,050, $19,300 and $19,500.