TA: Bitcoin Drops 20%, Why The Bulls Must Protect $20K

 

Bitcoin prolonged its decline beneath the $25,000 help towards the US Dollar. BTC is down 20% and approaching the important thing $20,000 help zone.

  • Bitcoin prolonged its decline beneath the $23,500 and $22,500 help ranges.
  • The value is now buying and selling beneath the $25,000 degree and the 100 hourly easy shifting common.
  • There is a connecting bearish pattern line forming with resistance close to $22,100 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair should keep above the important thing $20,000 help zone to keep away from extra downsides.

Bitcoin Price Nosedives

Bitcoin value failed to begin a restoration wave and prolonged decline beneath the $25,000 help zone. The bears gained power for a transfer beneath the $23,500 help zone.

The value declined over 20% and even traded beneath the $22,000 help zone. A brand new multi-week low is fashioned close to $20,824 and the value continues to be buying and selling in a robust downtrend. There was a detailed beneath the $22,000 degree and the 100 hourly easy shifting common.

Bitcoin is now consolidating close to the $21,000 degree. An fast resistance on the upside is close to the $21,800 degree. The first main resistance is close to the $22,000 degree.

There can be a connecting bearish pattern line forming with resistance close to $22,100 on the hourly chart of the BTC/USD pair. It is close to the 23.6% Fib retracement degree of the latest drop from the $28,300 swing excessive to $20,824 low.

Source: BTCUSD on TradingView.com

If there’s a clear transfer above the pattern line, the pair may rise in the direction of the $23,000 degree. The predominant resistance is close to the $25,000 degree. It is close to the 50% Fib retracement degree of the latest drop from the $28,300 swing excessive to $20,824 low.

More Losses in BTC?

If bitcoin fails to clear the $22,100 resistance zone and the pattern line, it may proceed to maneuver down. An fast help on the draw back is close to the $21,000 degree.

The subsequent main help is close to the $20,000 degree. A draw back break beneath the $20,000 help may ship the value additional decrease. In the said case, the value may drop in the direction of the $18,500 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now within the oversold space.

Major Support Levels – $21,000, adopted by $20,000.

Major Resistance Levels – $22,000, $22,100 and $23,000.


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