cryptocurrency

Bitcoin Price Analysis: BTC Faces Major Resistance, Upsides Limited

  • Bitcoin price started a new decline below the $20,000 area against the US Dollar.
  • The price is now trading below $20,000 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $19,600 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair remains at risk of further losses below the $18,500 level in the near term.

Bitcoin price struggles below $20,000 against the US dollar. BTC may extend its losses if it stays below the $19,600 and $20,000 resistance levels.

Bitcoin price analysis

Bitcoin price started a new decline below the $21,500 support area. he was there steady decline It is below the $21,500 and $21,200 support levels.

The decline rallied less than the $20,500 level and the 55 simple moving average (4-hours). The bears even pushed the price below the $20,000 level. The price tested the $18,250 support area and is now correcting losses. There was a slight movement above the $19,000 level.

The price rose above the 23.6% Fib retracement level of the downside move from $22,800 to the low of $18,255. However, gains were limited above the $19,500 level.

There is immediate resistance on the upside near the $19,300 level. The first major resistance is near the $19,600 level. There is also a major bearish trend line forming with resistance near $19,600 on the 4-hour chart of the BTC/USD pair.

A clear move above the trend line could send the price towards $20,000 and 55 simple moving average (4 hours). Any further gains could push the price towards the $20,550 area. It is close to the 50% Fib retracement level of the downside move from $22,800 to the low of $18,255.

If there is no upward break, the price may continue to drop below $19,000. The next major support is near the $18,500 level, below which the price may accelerate lower. In the mentioned case, the price could drop towards the $17,500 level.

Bitcoin price

look at me ScheduleThe bitcoin price is clearly trading below $20,000 and 55 simple moving average (4 hours). Overall, the price remains at risk of further losses below the $18,500 level in the near term.

Technical Indicators

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

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

Key support levels – $19,000 and $18,500.

The main resistance levels are $19,600, $20,000 and $20,500.

Tags: bitcoin, BTC

#Bitcoin #Price #Analysis #BTC #Faces #Major #Resistance #Upsides #Limited

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