Bitcoin price started a major decline after it struggled near the ,450 zone against the US Dollar.The price is now trading well below ,400 and the 55 simple moving average (4-hours).There was a break below a key contracting triangle with support near ,020 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is likely to continue lower if it breaks the ,050 support zone.Bitcoin price is currently showing bearish signs below ,400 against the US Dollar. BTC remains at a risk of more downsides below the ,000 and ,800 levels.Bitcoin Price AnalysisIn the past few days, bitcoin price struggled to clear the ,400 and ,500 levels against the US Dollar. As a result, there was a bearish reaction in BTC below the ,200 and ,000 levels.The price
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- Bitcoin price started a major decline after it struggled near the $19,450 zone against the US Dollar.
- The price is now trading well below $18,400 and the 55 simple moving average (4-hours).
- There was a break below a key contracting triangle with support near $19,020 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to continue lower if it breaks the $18,050 support zone.
Bitcoin price is currently showing bearish signs below $18,400 against the US Dollar. BTC remains at a risk of more downsides below the $18,000 and $17,800 levels.
Bitcoin Price Analysis
In the past few days, bitcoin price struggled to clear the $19,400 and $19,500 levels against the US Dollar. As a result, there was a bearish reaction in BTC below the $19,200 and $19,000 levels.
The price broke the 23.6% Fib retracement level of the main upward move from the $16,230 swing low to $19,920 high. Moreover, there was a break below a key contracting triangle with support near $19,020 on the 4-hours chart of the BTC/USD pair.
The pair is now trading well below $18,400 and the 55 simple moving average (4-hours). It is testing the $18,050 and $18,000 support levels. The 50% Fib retracement level of the main upward move from the $16,230 swing low to $19,920 high is also acting as a strong support.
If there is a downside break below the $18,050 and $18,000 support levels, bitcoin price could continue to move down. The next major support is near the $17,300 level (the last major breakout zone).
An intermediate support could be near $17,640. Conversely, the price could start a fresh increase from $18,000. On the upside, the $18,400 and $18,580 levels are initial hurdles. A successful close above the $18,580 level may perhaps lead the price back above $18,850.
The next major resistance for the bulls is near the $19,050 level. Any more gains could lead the price towards the main $19,400 hurdle.
Bitcoin Price
Looking at the chart, bitcoin price is clearly approaching a key support at $18,000 and $18,050. Overall, the price is likely to continue lower if it breaks the $18,050 support zone in the near term.
Technical indicators
4 hours MACD – The MACD is slowly gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now well below the 40 level.
Key Support Levels – $18,050 and $17,640.
Key Resistance Levels – $18,400, $18,580 and $18,800.