- 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 $19,550 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 $20,000 and $21,000 resistance levels.
Bitcoin price analysis
Bitcoin price started a new decline from the $2,0200 resistance area. There has been a steady decline below the $20,000 and $19,500 support levels.
The decline increased at a pace below the $19,500 level and the 55 simple moving average (4-hours). The bears even pushed the price below the $19,000 level. A bottom was formed near $18,527 and the price is now consolidating losses.
It is now trading at less than $20,000 and a 55 simple moving average (4 hours). There is an immediate resistance on the upside near the $18,920 level. It is near the 23.6% Fib retracement level of the downside move from the high-swinging $17,927 to $18.527.
The first major resistance is near the $19,350 level. It is close to the 50% Fib retracement level of the downside move from the high-swinging $17,727 to $18.527. There is also a major bearish trend line forming with resistance near $19,550 on the 4-hour chart of the BTC/USD pair.
The main resistance is near the $19,800 level and the 55 simple moving average (4-hours), or $20,000. Any further gains could send the price towards the $21,000 area.
If there is no upward break, the price may continue to fall below $18,500. The next major support is near the $18,000 level, at which lower the price may turn back. In the mentioned case, the price could drop towards the $16,800 level.
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.
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 – $18,500 and $16,800.
The key resistance levels are $19,400, $19,800 and $20,000.
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