Bitcoin price started a fresh decline below the ,500 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There was a break below a key bullish trend line with support near ,850 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could continue to decline if there is a move below the ,750 support. Bitcoin price is struggling below ,000 against the US Dollar. BTC might extend losses if it stays below the ,600 and ,000 resistance levels. Bitcoin Price Analysis Bitcoin price started a major decline below the ,800 support zone. There was a sharp bearish wave and the price even declined below the ,500 support zone. During the decline, there was a break below a key
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- Bitcoin price started a fresh decline below the $22,500 zone against the US Dollar.
- The price is now trading below $22,000 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $20,850 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to decline if there is a move below the $20,750 support.
Bitcoin price is struggling below $22,000 against the US Dollar. BTC might extend losses if it stays below the $21,600 and $22,000 resistance levels.
Bitcoin Price Analysis
Bitcoin price started a major decline below the $22,800 support zone. There was a sharp bearish wave and the price even declined below the $21,500 support zone.
During the decline, there was a break below a key bullish trend line with support near $20,850 on the 4-hours chart of the BTC/USD pair. The pair traded below the 50% Fib retracement level of the upward move from the $18,892 swing low to $24,287 high.
It is now trading below $22,000 and the 55 simple moving average (4-hours). It is also consolidating near the 61.8% Fib retracement level of the upward move from the $18,892 swing low to $24,287 high.
An immediate resistance on the upside is near the $21,450 level. The first major resistance is near the $21,600 level. The next major resistance on the upside is near the $22,000 level, above which the price could rise towards the $22,800 zone. Any more gains might send the price towards the $24,000 zone.
If there is no upside break, the price might continue to decline below $21,000. The next key support is near the $20,750 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $19,000 level. Any more losses might call for a move towards the $18,500 support zone in the coming sessions.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $22,500 and the 55 simple moving average (4-hours). Overall, the price could continue to decline if there is a move below the $20,750 support 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 – $20,750 and $20,000.
Key Resistance Levels – $21,450, $21,600 and $22,000.