Bitcoin Price Makes U-Turn, Why BTC Could Tumble to $18K

Bitcoin began a contemporary decline under the $20,000 assist zone towards the US Greenback. BTC traded under $19,000 and stays at a threat of a transfer to $18,000.

• Bitcoin began a contemporary decline and traded under the $19,500 assist.
• The worth is now buying and selling under $19,200 and the 100 hourly easy transferring common.
• There was a break under a connecting bullish development line with assist at $19,850 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair is now at a threat of a transfer in the direction of the $18,000 assist zone within the close to time period.

Bitcoin Value Begins Recent Decline

Bitcoin value didn’t surpass the $20,500 resistance stage. BTC began a contemporary decline and traded under the $20,000 and $19,500 assist ranges.

In addition to, there was a break under a connecting bullish development line with assist at $19,850 on the hourly chart of the BTC/USD pair. The pair accelerated decrease under the $19,200 stage and the 100 hourly easy transferring common. It even declined under $19,000 and traded as little as $18,706.

Bitcoin value is now consolidating losses under $19,200 and the 100 hourly easy transferring common. On the upside, a right away resistance is close to the $19,050 stage. It’s close to the 23.6% Fib retracement stage of the latest decline from the $20,197 swing excessive to $18,706 low.

The subsequent main resistance sits close to the $19,350 stage. It coincides with the 50% Fib retracement stage of the latest decline from the $20,197 swing excessive to $18,706 low.

Supply: BTCUSD on TradingView.com

The principle barrier is now forming close to the $20,000 zone and the 100 hourly easy transferring common. An in depth above the $20,000 resistance would possibly begin a contemporary improve. Within the said case, the worth might maybe rise in the direction of $21,200.

Extra Losses in BTC?

If bitcoin fails to begin a restoration wave above the $19,050 resistance zone, it may proceed to maneuver down. A right away assist on the draw back is close to the $18,700 zone.

The subsequent main assist is close to the $18,550 stage. A transparent transfer under the $18,700 and $18,550 ranges would possibly open the doorways for a transfer in the direction of the $18,000 stage.

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 Help Ranges – $18,700, adopted by $18,550.

Main Resistance Ranges – $19,050, $19,300 and $19,500.