- Bitcoin price begins to fall below the USD 19,500 region.
- price is now below $19,500 and 55 simple moving averages (4 hours).
- breaks through the key bullish trend line on the 4-hour chart of the BTC/USD pair (data from Coinbase), with support around $18,940.
- The pair still faces the risk of falling below the $18,500 level in the short term.
Bitcoin price fell below USD 19,200. It could expand losses if BTC stays below resistance levels of $19,800 and $20,000.
Bitcoin price analysis
Bitcoin price begins a new round of decline below the USD 20,000 support area. A steady decline below the support levels of $19,500 and $19,200.
decline accelerated below $19,000 and 55 simple moving averages (4 hours). Additionally, on the 4-hour chart of the BTC/USD pair, it fell below the key bullish trend line with support around $18,940. The bears even pushed the price below $19,000.
price tested the $18,500 support area and is now consolidating the loss. The direct resistance to the upward is around $19,000. It approached the 23.6% Fibonacci retracement level from the $20,383 swing high to the $18,487 low.
The first major resistance is around $19,440. It approached the 50% Fibonacci retracement level from the swing high of $20,383 to the low of $18,487.
significantly above the $19,500 level may push the price to $20,000. More gains could push prices into the $20,550 area. Without an upward breakout, the price may continue to fall below $18,500. The next key support is around $18,260, below which price may accelerate lower.
In the above case, the price may drop to the $17,500 level. More losses could push the price to the $17,200 level.
Bitcoin price
From the chart, the price of Bitcoin is significantly lower than US$20,000 and 55 simple moving averages (4 hours). Overall, prices remain at risk of falling below $18,500 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 – $18,500 and $18,260.
Key resistance levels - $19,200, $19,450 and $20,000.
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