Bitcoin Price Dives Below $20K, Why BTC Is Vulnerable To More Losses

Bitcoin began a significant decline and traded under $20,000 in opposition to the US Greenback. BTC stays at a threat of extra losses until it recovers above $20,000.

• Bitcoin began one other decline under the $20,200 and $20,000 ranges.
• The worth is now buying and selling under the $20,000 stage and the 100 hourly easy shifting common.
• There’s a key bearish pattern line forming with resistance close to $20,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might speed up additional decrease under the $19,500 assist zone within the coming periods.

Bitcoin Value Takes Hit

Bitcoin worth didn’t get well above the $22,000 resistance zone. BTC began a recent decline under the $21,200 and $21,000 assist ranges.

The bears gained power for a push under the $20,000 assist zone. The worth settled under the $20,000 stage and the 100 hourly easy shifting common. A low is fashioned close to $19,525 and the value is now consolidating losses.

On the upside, an instantaneous resistance is close to the $19,800 stage. The primary main resistance sits close to the $20,000 stage. It’s close to the 23.6% Fib retracement stage of the downward transfer from the $21,875 swing excessive to $19,525 low.

Moreover, there’s a key bearish pattern line forming with resistance close to $20,000 on the hourly chart of the BTC/USD pair. Bitcoin worth should clear the $20,000 resistance zone to start out a restoration wave.

Supply: BTCUSD on TradingView.com

The subsequent main resistance could possibly be close to the $20,700 zone. It’s near the 50% Fib retracement stage of the downward transfer from the $21,875 swing excessive to $19,525 low. Any extra positive factors may ship the value in direction of the $21,000 resistance zone.

Extra Losses in BTC?

If bitcoin fails to clear the $20,000 resistance zone, it might proceed to maneuver down. An instantaneous assist on the draw back is close to the $19,500 stage and the current low.

The subsequent main assist sits close to the $19,200 stage. A detailed under the $19,200 assist may spark a pointy decline. Within the acknowledged case, the value may decline in direction of the $18,500 stage within the coming periods.

Technical indicators:

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

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

Main Assist Ranges – $19,500, adopted by $19,200.

Main Resistance Ranges – $19,800, $20,000 and $21,000.