Bitcoin failed to hold above the USD 20,000 resistance. BTC is slipping and may even break the $18,250 support zone.
- Bitcoin failed to hold above the $20,000 resistance and started a new downtrend.
- The price is below $19,000 and below the 100 hourly simple moving average.
- There was a break below a key labor trend line with support near $19,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate lower below the $18,250 support zone in the near term.
The price of bitcoin will start again
Bitcoin price tried to move well above the $19,500 resistance. BTC broke above the $20,000 resistance and above the 100 hourly simple moving average.
However, after the strengthening of the US dollar, the crypto market experienced renewed selling demand. As a result, the price of Bitcoin rose to the level of $20,383 and began another decline. It was a sharp move under $20,000.
Additionally, there was a break below a key bullish trendline with support near $19,450 on the hourly chart of the BTC/USD pair. The pair declined below the 61.8% Fib retracement level from the swing low of $18,645 to the high of $20,383.
It has now traded below $19,000 and above the 100 hourly simple moving average. Immediate support on the downside sits near the $18,600 level, with a bearish angle. On the downside, immediate resistance is near the $19,000 level.
Source: BTCUSD on TradingView.com
The next major resistance sits near the $19,200 zone and the 100 hourly simple moving average. A close above the $19,200 level could initiate a nice rally. In this case, the price can be increased to 19,500 dollars. Any further gains could push the price towards the $20,000 resistance zone.
More losses in BTC?
If Bitcoin fails to recover above the $19,200 resistance zone, it may continue to move lower. The immediate support is near the $18,500 zone.
The next major support is near the $18,250 zone. The 10236 Fib extension level is close to the upside from $18,645 to $20,383. Any further losses may require a decline to the $17,500 support zone in the coming sessions.
Technical indicators:
Hourly MACD – MACD is now accelerating in the hidden zone.
Hourly RSI (Relative Strength Index) – The BTC/USD RSI is now below the 50 level.
Major support levels – $18,500, then $18,250.
Major resistance levels – $19,000, $19,200 and $20,000.