- Bitcoin price begins to fall back below the USD 22,000 region.
- price is now below $21,000 and 55 simple moving averages (4 hours).
- On the 4-hour chart of the BTC/USD pair (data from Coinbase), breaks through the key bullish trend line with support around $20,800.
- This pair still faces the risk of falling below the $20,000 level in the short term.
Bitcoin price fell below USD 21,000. It could widen losses if BTC stays below the resistance level of $20,800 and $21,000.
Bitcoin price analysis
Bitcoin price started a new decline from the resistance zone of US$22,800. A steady decline below the support levels of $22,500 and $22,000.
declines below $21,500 and 55 simple moving averages (4 hours). On the 4-hour chart of the BTC/USD pair, it fell below the key bullish trend line with support around $20,800. Additionally, from the swing low of $18,527 to the high of $22,800, it is significantly below the 50% Fibonacci retracement level.
shorts even pushed the price down to below $21,000. Price tested the $20,000 support area and is now consolidating the losses.
It trades below $21,000 and 55 simple moving averages (4 hours). The direct resistance to the upward is near the $20,550 and 55 simple moving averages (4 hours). The first major resistance is around $20,800.
main resistance is around $21,250. More gains could push prices into the $22,000 area. Without an upside breakout, the price could continue to fall below $20,000 or from a swing low of $18,527 to a 61.8% Fibonacci retracement level at the $22,800 high.
The next key support is around $19,500, below which price may accelerate lower. In the above case, the price may drop to the $18,500 level.
Bitcoin price
From the chart, the Bitcoin price is significantly lower than US$21,000 and 55 simple moving averages (4 hours). Overall, prices remain at risk of falling below the $21,250 level in the near term.
Technical Indicator
4 hours MACD – MACD Now gains momentum in the bearish area.
4 hours RSI (relative strength index) – RSI is now below 50 levels.
Key support levels – $20,000 and $19,500.
Key resistance levels – $20,550, $21,250 and $22,000.
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