Analysis

Bitcoin Price Turns Red, Why BTC Could Extend Losses

Bitcoin began a contemporary decline beneath the $22,000 assist in opposition to the US Greenback. BTC is declining and would possibly prolong losses beneath the $20,500 assist zone.

  • Bitcoin began a contemporary decline and traded beneath the $22,000 stage.
  • The value is now buying and selling beneath the $22,000 stage and the 100 hourly easy transferring common.
  • There’s a main bearish pattern line forming with resistance close to $21,950 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly decline additional if there’s a clear transfer beneath the $20,800 stage.

Bitcoin Worth Positive factors Bearish Momentum

Bitcoin worth began a contemporary decline after it did not clear the $24,000 resistance zone. There was a gentle decline beneath the $23,500 and $23,000 ranges.

The bears gained power for a transfer beneath the $22,500 assist stage and the 100 hourly easy transferring common. Lastly, the value traded beneath the $21,500 assist stage and even spiked beneath $21,000. A low is shaped close to $20,994 and the value is now consolidating losses.

On the upside, bitcoin worth might face resistance close to the $21,650 stage. It’s close to the 50% Fib retracement stage of the latest decline from the $22,250 swing excessive to $20,994 low.

The subsequent key resistance is close to the $22,000 zone. There’s additionally a serious bearish pattern line forming with resistance close to $21,950 on the hourly chart of the BTC/USD pair. The pattern line is close to the 76.4% Fib retracement stage of the latest decline from the $22,250 swing excessive to $20,994 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

A detailed above the $22,000 resistance zone might set the tempo for extra positive factors. Within the said case, the value could maybe rise in direction of the $22,500 stage. The subsequent main resistance sits close to the $23,000 stage.

Extra Losses in BTC?

If bitcoin fails to start out a restoration wave above the $21,650 stage, it might proceed to maneuver down. A right away assist on the draw back is close to the $21,000 stage.

The subsequent main assist now sits close to the $20,500 stage. A transparent break and shut beneath the $20,500 assist zone would possibly ship the value in direction of $20,000 within the close to time period.

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 properly beneath the 50 stage.

Main Assist Ranges – $21,000, adopted by $20,500.

Main Resistance Ranges – $21,650, $22,000 and $22,500.

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