Bitcoin Price Could Recover If It Holds This Key Support

Bitcoin prolonged losses and traded beneath $19,600 towards the US Greenback. BTC might begin a restoration wave if it stays above the $19,300 assist zone.

• Bitcoin remained in a bearish zone and settled beneath the $20,000 stage.
• The worth is now buying and selling beneath the $19,600 stage and the 100 hourly easy shifting common.
• There’s a main bearish development line forming with resistance close to $19,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a restoration wave if it stays above the $19,300 assist zone.

Bitcoin Worth Reaches Key Assist

Bitcoin worth began a contemporary decline beneath the $21,000 assist zone. The bears gained power and pushed the value beneath the $20,000 assist zone.

The decline even prolonged beneath the $19,600 assist zone. A low is fashioned close to $19,256 and the value is now consolidating close to a significant assist at $19,300. It’s also buying and selling beneath the $19,600 stage and the 100 hourly easy shifting common.

If bitcoin stays above the $19,300 zone, it’d begin a restoration wave. On the upside, the value might resistance close to the $19,550 and $19,600 ranges.

There may be additionally a significant bearish development line forming with resistance close to $19,600 on the hourly chart of the BTC/USD pair. The following key resistance is close to the $20,000 zone (the latest breakdown zone). It’s close to the 23.6% Fib retracement stage of the downward transfer from the $22,498 swing excessive to $19,256 low.

Supply: BTCUSD on TradingView.com

An in depth above the $20,000 resistance zone might set the tempo for a take a look at of the 100 hourly easy shifting common. Any extra good points may open the doorways for a transfer in the direction of the 50% Fib retracement stage of the downward transfer from the $22,498 swing excessive to $19,256 low. The following main resistance sits close to the $21,200 stage.

Extra Losses in BTC?

If bitcoin fails to begin a restoration wave above the $20,000 stage, it might proceed to maneuver down. A direct assist on the draw back is close to the $19,300 stage.

The following main assist now sits close to the $19,250 stage or the latest low. An in depth beneath the $19,250 assist zone might speed up losses. Within the acknowledged case, there’s a threat of a transfer in the direction of the $18,500 stage.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now within the oversold zone.

Main Assist Ranges – $19,300, adopted by $18,500.

Main Resistance Ranges – $19,600, $20,000 and $20,500.