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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

TA: Bitcoin Price Trims Gains, Why $20K Is The Key To Fresh Increase

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin started a sharp downside correction below the $22,000 level against the US Dollar. BTC must stay above the $20,000 support to avoid more losses.

  • Bitcoin failed to clear $22,750 and started a sharp downward move.
  • The price is now trading below $21,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $21,810 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is consolidating above the $20,000 level, with a minor bullish angle.

Bitcoin Price Dives To $20K

Bitcoin price attempted to gain strength above the $22,000 and $22,500 resistance levels. The price even spiked above the $22,750 resistance zone and the 100 hourly simple moving average.

However, the price failed to gain strength and topped near the $22,768 level. As a result, there was a bearish wave below the $22,000 and $21,500 levels. There was also a move below the $21,000 level and the 100 hourly simple moving average.

Besides, there was a break below a key bullish trend line with support near $21,810 on the hourly chart of the BTC/USD pair. Bitcoin price even tested the $20,000 zone. A low is formed near $19,921 and the price is now consolidating losses.

On the upside, an immediate resistance is near the $20,600 level. It is near the 23.6% Fib retracement level of the recent decline from the $22,768 swing high to $19,921 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance sits near the $21,350 level. It coincides with the 50% Fib retracement level of the recent decline from the $22,768 swing high to $19,921 low. A close above the $21,350 resistance might start a fresh surge. In the stated case, the price may perhaps rise towards $22,000. Any more gains might send the price towards the $22,500 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $21,350 resistance zone, it could continue to move down. An immediate support on the downside is near the $22,000 zone.

The next major support is near the $19,500 and $19,400 levels. A downside break below the $19,400 level might send the price towards the $18,500 support.

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 recovering from the oversold levels.

Major Support Levels – $20,000, followed by $19,400.

Major Resistance Levels – $20,600, $21,000 and $21,350.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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