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Bitcoin Price Analysis: BTC Takes A Major Hit

Summary:
Bitcoin price started a fresh decline below the ,000 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near ,550 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair remains at a risk of more losses below the ,500 level in the near term. Bitcoin price is struggling below ,000 against the US Dollar. BTC might extend losses if it stays below the ,000 and ,000 resistance levels. Bitcoin Price Analysis Bitcoin price started a fresh decline from the ,200 resistance zone. There was a steady decline below the ,000 and ,500 support levels. The decline gained pace below the ,500 level and the 55 simple

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  • Bitcoin price started a fresh decline below the $20,000 zone against the US Dollar.
  • The price is now trading below $20,000 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $19,550 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair remains at a risk of more losses below the $18,500 level in the near term.

Bitcoin price is struggling below $20,000 against the US Dollar. BTC might extend losses if it stays below the $20,000 and $21,000 resistance levels.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $20,200 resistance zone. There was a steady decline below the $20,000 and $19,500 support levels.

The decline gained 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 low was formed near $18,527 and the price is now consolidating losses.

It is now trading below $20,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $18,920 level. It is near the 23.6% Fib retracement level of the downward move from the $20,179 swing high to $18,527 low.

The first major resistance is near the $19,350 level. It is near the 50% Fib retracement level of the downward move from the $20,179 swing high to $18,527 low. There is also a key bearish trend line forming with resistance near $19,550 on the 4-hours chart of the BTC/USD pair.

The main resistance sits near the $19,800 level and the 55 simple moving average (4-hours) or $20,000. Any more gains might send the price towards the $21,000 zone.

If there is no upside break, the price might continue to decline below $18,500. The next key support is near the $18,000 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $16,800 level.

Bitcoin Price Analysis: BTC Takes A Major Hit

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $20,000 and the 55 simple moving average (4-hours). Overall, the price remains at a risk of more losses below the $18,500 level in the near term.

Technical Indicators

4 hours MACD – The 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.

Key Resistance Levels – $19,400, $19,800 and $20,000.

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