cryptocurrency

Bitcoin Price Analysis: BTC at Risk of Falling to $20K

  • Bitcoin price started a new decline below the $22,500 area against the US Dollar.
  • The price is now trading below $22,000 and the 55 simple moving average (4-hours).
  • There was a break below a major ascending channel with support near $23,750 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could continue to decline further, as there is no recovery above the $21.750 resistance.

Bitcoin price struggles below $22,000 against the US dollar. BTC may extend its losses if it stays below the $21,750 and $22,500 resistance levels.

Bitcoin price analysis

Bitcoin price started a new decline from the $25,000 resistance area. There has been a steady decline below the $24,000 and $23,500 support levels.

Besides, there was a breakout below a major ascending channel with support near $23,750 on the 4-hour chart of the BTC/USD pair. The decline rallied below the $22,500 level and the 55 simple moving average (4-hours). The bears even pushed the price below the $21,000 level.

A bottom was formed near $20,760 and the price is now consolidating losses. It is now trading at less than $22,000 and a 55 simple moving average (4 hours). There is an immediate resistance on the upside near the $21.750 level.

It is close to the 23.6% Fib retracement level of the downside move from the $24986 high to $20,760. The first major resistance is near the $22,250 level and the 55 simple moving average (4 hours). The next major resistance on the upside is near the $22,850 level.

The 50% Fib retracement level of the downside move from the $24986 high to $20,760 is also near $22,850, above which the price may rise towards $24,000. Any further gains could send the price towards the $25,000 area.

If there is no upward break, the price may continue to drop below $21,000. The next major support is near the $20,700 level, below which the price may accelerate lower. In the mentioned case, the price may drop towards the $20,000 level.

Bitcoin price

look at me ScheduleThe bitcoin price is clearly trading below $22,000 and 55 simple moving average (4 hours). In general, the price could continue to decline further, as there is no recovery above the $21.750 resistance.

Technical Indicators

4-hour MACD – The MACD is now losing its momentum in the bearish zone.

RSI (Relative Strength Index) 4 Hours – The RSI is now below the 50 level.

Key support levels – $21,000 and $20,700.

Key resistance levels – $21.750, $22,250 and $22.850.

Tags: bitcoin, BTC

#Bitcoin #Price #Analysis #BTC #Risk #Falling #20K

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