Bitcoin Dips Further, Why BTC Could Revisit $20K


Bitcoin is moving lower below the $21,000 area against the US Dollar. BTC could gain bearish momentum below the $20,650 support area.

  • Bitcoin struggled to rise above $21,200 and fell towards $20.650.
  • The price is now below the $21,000 level and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $21,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could drop further if there is a clear movement below the $20,650 area.

Bitcoin price is still at risk

Bitcoin Price Failed to Clear File $21,500 resistance area And I started a new low. The price dropped below the $21,200 and $21,000 levels.

There was a clear move below the 50% Fib retracement level of the upward move from the $1,751 swing low to $21,780 high. There was also a close below the $20,800 level and the 100 hourly simple moving average.

Bitcoin tested the $20,600 and $20,500 support levels. It is now consolidating near the 61.8% Fib retracement level of the upward move from the $1,751 low-swing to $21.780 high. There is an immediate resistance on the upside near the $21,920 level.

The next major resistance is near the $21,000 level. There is also a major bearish trend line forming with resistance near $21,000 on the hourly chart of the BTC/USD pair. A clear movement may start above the $21,000 level decent increase.

Bitcoin price

Source: BTCUSD on TradingView.com

In the mentioned case, the price may rise above the $21,250 level. The next major stop could be near the $21,780 high, above which the price may rise towards the $22,500 level.

More losses in bitcoin?

If Bitcoin fails to clear the $21,250 resistance area, it may continue to move lower. There is immediate support to the downside near the $20,650 and $20,500 areas.

A downside breakout below the $20.650 support area could start a significant decline. In the mentioned case, the price may drop towards the $20,000 level. Any further losses could set the pace for a move towards the $19,200 level or even $18,800 in the upcoming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Key support levels – $20,500, followed by $20,000.

The main resistance levels are $20.920, $21,250, and $22,500.



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