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Bitcoin

TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

Aayush Jindal by Aayush Jindal
1 year ago
in BTC
Reading Time: 2 mins read

Bitcoin is struggling below the $20,000 zone against the US Dollar. BTC remains at a risk of more losses if the bulls fail to protect the $19,800 support zone.

  • Bitcoin is showing bearish signs below the $21,000 and $20,500 levels.
  • The price is now trading below the $20,400 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline further if there is a clear move below the $19,800 zone.

Bitcoin Price Remains At Risk

Bitcoin price failed to recover above the $21,000 pivot level. The price remained in a bearish zone and extended its decline below the $20,500 support zone.

There was also a close below the $20,250 level. BTC spiked below the $20,000 level, but the bulls were active near $19,800 level. A low is formed near $19,828 and the price is now consolidating losses. It is now trading below the $20,400 level and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $20,150 level. It is near the 23.6% Fib retracement level of the recent decline from the $21,188 swing high to $19,828 low.

The next key resistance is near the $20,400 zone. There is also a key bearish trend line forming with resistance near $20,400 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the recent decline from the $21,188 swing high to $19,828 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the trend line resistance and then $20,500 could start a recovery wave. In the stated case, the price could rise towards the $20,900 level. The next major hurdle for the bulls might be near the $21,200 zone, above which the price may perhaps rise towards the $21,800 level.

More Losses in BTC?

If bitcoin fails to clear the $20,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,000 level.

The main support now sits near the $19,800 level, below which the price could accelerate lower. The next major support sits near the $18,800 zone. Any more losses could send the price towards the $18,000 level.

Technical indicators:

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

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

Major Support Levels – $20,000, followed by $19,800.

Major Resistance Levels – $20,150, $20,400 and $20,500.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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