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Bitcoin began a pointy draw back correction beneath the $22,000 degree in opposition to the US Dollar. BTC should keep above the $20,000 help to keep away from extra losses.

• Bitcoin did not clear $22,750 and began a pointy downward transfer.
• The worth is now buying and selling beneath $21,000 and the 100 hourly easy shifting common.
• There was a break beneath a key bullish pattern line with help close to $21,810 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair is consolidating above the $20,000 degree, with a minor bullish angle.

Bitcoin Price Dives To $20K

Bitcoin worth tried to achieve power above the $22,000 and $22,500 resistance levels. The worth even spiked above the $22,750 resistance zone and the 100 hourly easy shifting common.

However, the worth failed to achieve power and topped close to the $22,768 degree. As a end result, there was a bearish wave beneath the $22,000 and $21,500 ranges. There was additionally a transfer beneath the $21,000 degree and the 100 hourly simple moving average.

Besides, there was a break beneath a key bullish pattern line with help close to $21,810 on the hourly chart of the BTC/USD pair. Bitcoin worth even examined the $20,000 zone. A low is shaped close to $19,921 and the worth is now consolidating losses.

On the upside, an instantaneous resistance is close to the $20,600 degree. It is close to the 23.6% Fib retracement degree of the latest decline from the $22,768 swing excessive to $19,921 low.

Source: BTCUSD on TradingView.com

The subsequent main resistance sits close to the $21,350 degree. It coincides with the 50% Fib retracement degree of the latest decline from the $22,768 swing excessive to $19,921 low. An in depth above the $21,350 resistance may begin a recent surge. In the acknowledged case, the worth might maybe rise in the direction of $22,000. Any extra positive factors may ship the worth in the direction of the $22,500 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $21,350 resistance zone, it might proceed to maneuver down. An instant help on the draw back is close to the $22,000 zone.

The subsequent main help is close to the $19,500 and $19,400 ranges. A draw back break beneath the $19,400 degree may ship the worth in the direction of the $18,500 help.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering from the oversold ranges.

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

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