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Bitcoin
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TA: Bitcoin Drops 20%, Why The Bulls Must Protect $20K

Aayush Jindal by Aayush Jindal
2 months ago
in BTC
Reading Time: 2 mins read
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Bitcoin extended its decline below the $25,000 support against the US Dollar. BTC is down 20% and approaching the key $20,000 support zone.

  • Bitcoin extended its decline below the $23,500 and $22,500 support levels.
  • The price is now trading below the $25,000 level and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $22,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must stay above the key $20,000 support zone to avoid more downsides.

Bitcoin Price Nosedives

Bitcoin price failed to start a recovery wave and extended decline below the $25,000 support zone. The bears gained strength for a move below the $23,500 support zone.

The price declined over 20% and even traded below the $22,000 support zone. A new multi-week low is formed near $20,824 and the price is still trading in a strong downtrend. There was a close below the $22,000 level and the 100 hourly simple moving average.

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Bitcoin is now consolidating near the $21,000 level. An immediate resistance on the upside is near the $21,800 level. The first major resistance is near the $22,000 level.

There is also a connecting bearish trend line forming with resistance near $22,100 on the hourly chart of the BTC/USD pair. It is near the 23.6% Fib retracement level of the recent drop from the $28,300 swing high to $20,824 low. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

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If there is a clear move above the trend line, the pair could rise towards the $23,000 level. The main resistance is near the $25,000 level. It is near the 50% Fib retracement level of the recent drop from the $28,300 swing high to $20,824 low.

More Losses in BTC?

If bitcoin fails to clear the $22,100 resistance zone and the trend line, it could continue to move down. An immediate support on the downside is near the $21,000 level.

The next major support is near the $20,000 level. A downside break below the $20,000 support could send the price further lower. In the stated case, the price could drop towards the $18,500 support zone in the near term. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

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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 in the oversold area.

Major Support Levels – $21,000, followed by $20,000.

Major Resistance Levels – $22,000, $22,100 and $23,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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