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Bitcoin prolonged losses and traded beneath $20,000 in opposition to the US Dollar. BTC may revisit the important thing $19,500 assist zone, the place the bears could be examined.

• Bitcoin is following a bearish path beneath the $20,500 pivot stage.
• The value is now buying and selling beneath the $20,500 stage and the 100 hourly easy shifting common.
• There was a break beneath a significant bullish pattern line with assist close to $20,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair would possibly discover assist close to the $19,500 and $19,350 ranges.

Bitcoin Price Extends Losses

Bitcoin value began a fresh decline after it failed to remain above the $22,000 stage. There was a gradual decline beneath the $21,200 and $21,000 ranges.

The value moved beneath the 61.8% Fib retracement stage of the upward transfer from the $19,301 swing low to $22,500 swing excessive. Besides, there was a break beneath a significant bullish pattern line with assist close to $20,500 on the hourly chart of the BTC/USD pair.

Bitcoin value is now buying and selling beneath the $20,500 stage and the 100 hourly simple moving average. It even settled beneath the 76.4% Fib retracement stage of the upward transfer from the $19,301 swing low to $22,500 swing excessive.

However, there’s a main assist ready close to $19,500. On the upside, the worth may resistance close to the $20,000 and $20,150 ranges.

Source: BTCUSD on TradingView.com

The subsequent key resistance is close to the $20,500 zone (the latest breakdown zone). A shut above the $20,500 resistance zone may set the tempo for a take a look at of the 100 hourly easy shifting common. Any extra positive factors would possibly open the doorways for a transfer in the direction of the $21,750 stage. The subsequent main resistance sits close to the $22,000 stage.

More Losses in BTC?

If bitcoin fails to start out a restoration wave above the $20,150 stage, it may proceed to maneuver down. An rapid assist on the draw back is close to the $19,580 stage.

The subsequent main assist now sits close to the $19,300 stage or the final swing low. A shut beneath the $19,300 assist zone may speed up losses. In the said case, there’s a threat of a transfer in the direction of the $18,500 stage.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now within the oversold zone.

Major Support Levels – $19,600, adopted by $19,300.

Major Resistance Levels – $20,150, $20,500 and $21,750.