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Bitcoin settled beneath the $21,000 assist zone towards the US Dollar. BTC is exhibiting bearish indicators and stays at a danger of a serious breakdown beneath $20,000.

• Bitcoin struggled to appropriate larger and stayed beneath the $21,000 resistance zone.
• The worth is now buying and selling beneath $20,750 and the 100 hourly easy transferring common.
• There is a key bearish pattern line forming with resistance close to $20,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair is consolidating above the $20,000 stage and would possibly begin one other decline.

Bitcoin Price Faces Sellers

Bitcoin worth remained in a bearish zone beneath the $21,000 stage. There was a short-term recovery wave, however the bears had been lively close to the $20,300 and $20,350 ranges.

The worth began a recent decline and traded beneath the $20,000 stage. It even broke the latest swing low and traded to a brand new weekly low at $19,619. The worth is now buying and selling beneath $20,750 and the 100 hourly simple moving average.

There can be a key bearish pattern line forming with resistance close to $20,250 on the hourly chart of the BTC/USD pair. On the upside, a direct resistance is close to the $20,300 stage. It is close to the 23.6% Fib retracement stage of the important thing drop from the $22,790 swing excessive to $19,619 low.

A clear transfer above the pattern line and $20,300 would possibly ship the value in direction of the $20,750 resistance. The subsequent main resistance sits close to the $21,200 stage. It coincides with the 50% Fib retracement stage of the important thing drop from the $22,790 swing excessive to $19,619 low.

Source: BTCUSD on TradingView.com

A shut above the $21,200 resistance would possibly begin a recent enhance. In the acknowledged case, the value might maybe rise in direction of $22,000. Any extra good points would possibly ship the value in direction of the $22,450 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $20,300 resistance zone, it may proceed to maneuver down. An quick assist on the draw back is close to the $20,000 zone.

The subsequent main assist is close to the $19,600 and $19,500 ranges. A draw back break beneath the $19,500 stage would possibly ship the value in direction of the $18,500 assist.

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 beneath the 50 stage.

Major Support Levels – $20,000, adopted by $19,500.

Major Resistance Levels – $20,300, $20,750 and $21,200.