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Bitcoin prolonged losses and traded under $19,600 towards the US Dollar. BTC might begin a restoration wave if it stays above the $19,300 help zone.

• Bitcoin remained in a bearish zone and settled under the $20,000 degree.
• The worth is now buying and selling under the $19,600 degree and the 100 hourly easy transferring common.
• There is a significant bearish development line forming with resistance close to $19,600 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may begin a restoration wave if it stays above the $19,300 help zone.

Bitcoin Price Reaches Key Support

Bitcoin worth began a fresh decline under the $21,000 help zone. The bears gained energy and pushed the worth under the $20,000 help zone.

The decline even prolonged under the $19,600 help zone. A low is fashioned close to $19,256 and the worth is now consolidating close to a significant help at $19,300. It can also be buying and selling under the $19,600 degree and the 100 hourly simple moving average.

If bitcoin stays above the $19,300 zone, it’d begin a restoration wave. On the upside, the worth might resistance close to the $19,550 and $19,600 ranges.

There can also be a significant bearish development line forming with resistance close to $19,600 on the hourly chart of the BTC/USD pair. The subsequent key resistance is close to the $20,000 zone (the current breakdown zone). It is close to the 23.6% Fib retracement degree of the downward transfer from the $22,498 swing excessive to $19,256 low.

Source: BTCUSD on TradingView.com

An in depth above the $20,000 resistance zone might set the tempo for a check of the 100 hourly easy transferring common. Any extra features may open the doorways for a transfer in the direction of the 50% Fib retracement degree of the downward transfer from the $22,498 swing excessive to $19,256 low. The subsequent main resistance sits close to the $21,200 degree.

More Losses in BTC?

If bitcoin fails to begin a restoration wave above the $20,000 degree, it might proceed to maneuver down. An rapid help on the draw back is close to the $19,300 degree.

The subsequent main help now sits close to the $19,250 degree or the current low. An in depth under the $19,250 help zone might speed up losses. In the said case, there’s a threat of a transfer in the direction of the $18,500 degree.

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 – $19,300, adopted by $18,500.

Major Resistance Levels – $19,600, $20,000 and $20,500.