Bitcoin Price Could Recover If It Holds This Key Support
Bitcoin price started a fresh decline below the $21,000 support zone. The bears gained strength and pushed the price below the $20,000 support zone. The decline even extended below the $19,600 support zone. A low is formed near $19,256 and the price is now consolidating near a major support at $19,300. It is also trading below the $19,600 level and the 100 hourly simple moving average.
If bitcoin stays above the $19,300 zone, it might start a recovery wave. On the upside, the price could resistance near the $19,900 and $19,950 levels.
There is also a major bearish trend line forming with resistance near $19,900 on the hourly chart of the BTC/USDT pair. The next key resistance is near the $20,000 zone (the recent breakdown zone). It is near the 23.6% Fib retracement level of the downward move from the $22,498 swing high to $19,256 low.
A close above the $20,000 resistance zone could set the pace for a test of the 100 hourly simple moving average. Any more gains might open the doors for a move towards the 50% Fib retracement level of the downward move from the $22,498 swing high to $19,256 low. The next major resistance sits near the $21,200 level.
If bitcoin fails to start a recovery wave above the $20,000 level, it could continue to move down. An immediate support on the downside is near the $19,300 level. The next major support now sits near the $19,250 level or the recent low. A close below the $19,250 support zone could accelerate losses. In the stated case, there is a risk of a move towards the $18,500 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now near the 50 level.
Major Support Levels – $19,300, followed by $18,500.
Major Resistance Levels – $19,900, $20,000 and $20,500.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
If bitcoin stays above the $19,300 zone, it might start a recovery wave. On the upside, the price could resistance near the $19,900 and $19,950 levels.
There is also a major bearish trend line forming with resistance near $19,900 on the hourly chart of the BTC/USDT pair. The next key resistance is near the $20,000 zone (the recent breakdown zone). It is near the 23.6% Fib retracement level of the downward move from the $22,498 swing high to $19,256 low.
A close above the $20,000 resistance zone could set the pace for a test of the 100 hourly simple moving average. Any more gains might open the doors for a move towards the 50% Fib retracement level of the downward move from the $22,498 swing high to $19,256 low. The next major resistance sits near the $21,200 level.
If bitcoin fails to start a recovery wave above the $20,000 level, it could continue to move down. An immediate support on the downside is near the $19,300 level. The next major support now sits near the $19,250 level or the recent low. A close below the $19,250 support zone could accelerate losses. In the stated case, there is a risk of a move towards the $18,500 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now near the 50 level.
Major Support Levels – $19,300, followed by $18,500.
Major Resistance Levels – $19,900, $20,000 and $20,500.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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