Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

Bitcoin is struggling beneath the $20,000 zone in opposition to the US Greenback. BTC stays at a danger of extra losses if the bulls fail to guard the $19,800 help zone.

• Bitcoin is displaying bearish indicators beneath the $21,000 and $20,500 ranges.
• The worth is now buying and selling beneath the $20,400 stage and the 100 hourly easy transferring common.
• There’s a key bearish development line forming with resistance close to $20,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might decline additional if there’s a clear transfer beneath the $19,800 zone.

Bitcoin Value Stays At Danger

Bitcoin value did not get better above the $21,000 pivot stage. The worth remained in a bearish zone and prolonged its decline beneath the $20,500 help zone.

There was additionally an in depth beneath the $20,250 stage. BTC spiked beneath the $20,000 stage, however the bulls have been lively close to $19,800 stage. A low is shaped close to $19,828 and the value is now consolidating losses. It’s now buying and selling beneath the $20,400 stage and the 100 hourly easy transferring common.

A direct resistance on the upside is close to the $20,150 stage. It’s close to the 23.6% Fib retracement stage of the latest decline from the $21,188 swing excessive to $19,828 low.

The subsequent key resistance is close to the $20,400 zone. There may be additionally a key bearish development line forming with resistance close to $20,400 on the hourly chart of the BTC/USD pair. The development line is close to the 50% Fib retracement stage of the latest decline from the $21,188 swing excessive to $19,828 low.

Supply: BTCUSD on TradingView.com

A transparent transfer above the development line resistance after which $20,500 might begin a restoration wave. Within the acknowledged case, the value might rise in the direction of the $20,900 stage. The subsequent main hurdle for the bulls is likely to be close to the $21,200 zone, above which the value could maybe rise in the direction of the $21,800 stage.

Extra Losses in BTC?

If bitcoin fails to clear the $20,500 resistance zone, it might proceed to maneuver down. A direct help on the draw back is close to the $20,000 stage.

The principle help now sits close to the $19,800 stage, beneath which the value might speed up decrease. The subsequent main help sits close to the $18,800 zone. Any extra losses might ship the value in the direction of the $18,000 stage.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Help Ranges – $20,000, adopted by $19,800.

Main Resistance Ranges – $20,150, $20,400 and $20,500.