cryptocurrency

Bitcoin Price Analysis: BTC Drops Sharply, Major Support Nearby

  • Bitcoin price started a new decline below the $22,000 area against the US Dollar.
  • The price is now trading below $21,000 and the 55 simple moving average (4-hours).
  • There was a break below the major uptrend line with support near $20,800 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair remains at risk of further losses below the $20,000 level in the near term.

Bitcoin price struggles below $21,000 against the US dollar. BTC may extend its losses if it stays below the $20,800 and $21,000 resistance levels.

Bitcoin price analysis

Bitcoin price started a new decline from the $22,800 resistance area. There has been a steady decline below the $22,500 and $22,000 support levels.

The decline rallied at a lower pace below the $21,500 level and the 55 simple moving average (4-hours). There was a break below the major uptrend line with support near $20,800 on the 4-hour chart of the BTC/USD pair. Besides, there was a clear move below the 50% Fib retracement level of the upward move from the $18,527 swing low to the $22,800 high.

The bears even pushed the price below the $21,000 level. The price tested the $20,000 support area and is now consolidating losses.

It is trading under $21,000 and 55 simple moving average (4 hours). There is immediate resistance on the upside near the $20,550 level and the 55 SMA (4-hours). The first major resistance is near the $20,800 level.

The main resistance is near the $21,250 level. Any further gains could send the price towards the $22,000 area. If there is no upside break, the price may continue to decline below $20,000 or the 61.8% Fib retracement level of the upward move from the swing low $18.527 to the $22,800 high.

The next major support is near the $19,500 level, below which the price may fall. In the mentioned case, the price could drop towards the $18,500 level.

Bitcoin price

look at me ScheduleThe bitcoin price is clearly trading below $21,000 and 55 simple moving average (4 hours). Overall, the price remains at risk of further losses below $21,250 in the near term.

Technical Indicators

4 hours MACD – MACD is now gaining momentum in the bearish zone.

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

Key support levels – $20,000 and $19,500.

Key resistance levels – $20.550, $21,250, and $22,000.

Tags: bitcoin, BTC

#Bitcoin #Price #Analysis #BTC #Drops #Sharply #Major #Support #Nearby

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