Bitcoin exchange rate against the US dollar began to fall below the 20,000 US dollar support zone. BTC is trading below $19,000 and still has the risk of rising to $18,000.
- Bitcoin started a new decline and fell below the $19,500 support level.
- price is now below the $19,200 and the 100-hour simple moving average.
- on the hourly chart of the BTC/USD pair (data from Kraken) breaks the connected bullish trend line with support at $19,850.
- The pair is now at risk of moving toward the $18,000 support area in the short term.
Bitcoin price begins a new decline
Bitcoin price fails to exceed the resistance level of $20,500. BTC began a new round of declines, trading below the support levels of $20,000 and $19,500.
In addition, on the hourly chart of the BTC/USD pair, it fell below the link bullish trend line with support at $19,850. The pair accelerated below the $19,200 level and the 100-hour simple moving average. It even fell below $19,000 and traded as low as $18,706.
Bitcoin price is now consolidating losses below the $19,200 and the 100-hour simple moving average. On the plus side, direct resistance is around $19,050. It approached the 23.6% Fibonacci retracement level from the swing high of $20,197 to the low of $18,706.
The next major resistance is around $19,350. It coincides with the recent 50% Fibonacci retracement level from the swing high of $20,197 to the low of $18,706.
Source: BTCUSD
on TradingView.com The main obstacle now forms near the $20,000 area and the 100-hour simple moving average. Close above the $20,000 resistance level may start a new rise. In the above case, the price may rise to $21,200.
BTC loss more?
If Bitcoin fails to start rebounding above the $19,050 resistance zone, it may continue to fall. The direct support for the downside is around $18,700.
The next major support is around $18,550. A clear break below the $18,700 and $18,550 levels could open the door to the $18,000 level.
Technical indicators:
hourly MACD – MACD is now accelerating its pace in the bearish area.
Hour RSI (relative strength index) – The RSI of BTC/USD is now below 50 levels.
main support level - $18,700, followed by $18,550.
main resistance levels - $19,050, $19,300 and $19,500.