Bitcoin extended losses and traded listed below $19,600 versus the United States Dollar. BTC might begin a healing wave if it remains above the $19,300 assistance zone.
- Bitcoin stayed in a bearish zone and settled listed below the $20,000 level.
- The cost is now trading listed below the $19,600 level and the 100 per hour easy moving average.
- There is a significant bearish pattern line forming with resistance near $19,600 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set may begin a healing wave if it remains above the $19,300 assistance zone.
Bitcoin Cost Reaches Secret Assistance
Bitcoin cost began a fresh decline listed below the $21,000 assistance zone. The bears acquired strength and pressed the cost listed below the $20,000 assistance zone.
The decrease even extended listed below the $19,600 assistance zone. A low is formed near $19,256 and the cost is now combining near a significant assistance at $19,300 It is likewise trading listed below the $19,600 level and the 100 hourly simple moving average.
If bitcoin stays above the $19,300 zone, it may begin a healing wave. On the advantage, the cost might resistance near the $19,550 and $19,600 levels.
There is likewise a significant bearish pattern line forming with resistance near $19,600 on the per hour chart of the BTC/USD set. The next crucial resistance is near the $20,000 zone (the current breakdown zone). It is near the 23.6% Fib retracement level of the down relocation from the $22,498 swing high to $19,256 low.
Source: BTCUSD on TradingView.com
A close above the $20,000 resistance zone might set the speed for a test of the 100 per hour easy moving average. Anymore gains may unlock for a relocation towards the 50% Fib retracement level of the down relocation from the $22,498 swing high to $19,256 low. The next significant resistance sits near the $21,200 level.
More Losses in BTC?
If bitcoin stops working to begin a healing wave above the $20,000 level, it might continue to move down. An instant assistance on the disadvantage is near the $19,300 level.
The next significant assistance now sits near the $19,250 level or the current low. A close listed below the $19,250 assistance zone might speed up losses. In the mentioned case, there is a danger of a relocation towards the $18,500 level.
Technical signs:
Per Hour MACD– The MACD is now acquiring speed in the bearish zone.
Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is now in the oversold zone.
Significant Assistance Levels– $19,300, followed by $18,500
Significant Resistance Levels– $19,600, $20,000 and $20,500
Aayush Jindal Read More.
