No products in the cart.
TA: Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows
Bitcoin is struggling below the $21,000 zone against the US Dollar. BTC could continue to move down unless there is a clear move above the $20,750 resistance zone.
Bitcoin started a fresh decline below the $21,000 and $20,500 levels.
The price is now trading below the $20,500 level and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline further if there is a clear move below the $20,000 zone.
Bitcoin Price Is Sliding
Bitcoin price remained in a bearish zone below the $21,000 pivot level. The bulls struggled to push the price higher and there was a bearish reaction below the $20,800 level.
The price traded below the 61.8% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. The decline was such that the bears even pushed the price below the $20,550 and $20,500 support levels.
It tested the 76.4% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. Bitcoin is now trading below the $20,500 level and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $20,520 level. The next key resistance is near the $20,750 zone. There is also a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
A clear move above the trend line resistance and then $21,000 could initiate a decent increase. In the stated case, the price could rise above the $21,250 level. The next major hurdle for the bulls might be near the $21,750 zone, above which the price may perhaps rise towards the $22,500 level.
More Losses in BTC?
If bitcoin fails to clear the $21,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,220 level.
A downside break below the $20,220 support zone could push the price further lower. The next major support sits near the $20,000 zone. Any more losses could send the price towards the $18,800 level or a new monthly low.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $20,220, followed by $20,000.
Major Resistance Levels – $20,520, $20,800 and $21,250.
- September 2022 (416)
- August 2022 (519)
- July 2022 (418)
- June 2022 (416)
- May 2022 (369)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
- Cardano Price Surges, Will The Bulls Hold The Recovery?
- Quant (QNT) Adds 10% In 24 Hours While Macro Uncertainty Pulls Others
- Ripple Outperforming Almost The Whole Market, What’s Pumping XRP Price?
- Maker DAO Shows Bullish Sentiment After A While, Eyes $800?
- Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6?