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Bitcoin began a contemporary decline beneath the $20,000 assist zone in opposition to the US Dollar. BTC traded beneath $19,000 and stays at a threat of a transfer to $18,000.

• Bitcoin began a contemporary decline and traded beneath the $19,500 assist.
• The worth is now buying and selling beneath $19,200 and the 100 hourly easy transferring common.
• There was a break beneath a connecting bullish development line with assist at $19,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair is now at a threat of a transfer in the direction of the $18,000 assist zone within the close to time period.

Bitcoin Price Starts Fresh Decline

Bitcoin worth failed to surpass the $20,500 resistance level. BTC began a contemporary decline and traded beneath the $20,000 and $19,500 assist ranges.

Besides, there was a break beneath a connecting bullish development line with assist at $19,850 on the hourly chart of the BTC/USD pair. The pair accelerated decrease beneath the $19,200 degree and the 100 hourly easy transferring common. It even declined beneath $19,000 and traded as little as $18,706.

Bitcoin worth is now consolidating losses beneath $19,200 and the 100 hourly simple moving average. On the upside, a direct resistance is close to the $19,050 degree. It is close to the 23.6% Fib retracement degree of the latest decline from the $20,197 swing excessive to $18,706 low.

The subsequent main resistance sits close to the $19,350 degree. It coincides with the 50% Fib retracement degree of the latest decline from the $20,197 swing excessive to $18,706 low.

Source: BTCUSD on TradingView.com

The foremost barrier is now forming close to the $20,000 zone and the 100 hourly easy transferring common. A detailed above the $20,000 resistance may begin a contemporary improve. In the acknowledged case, the worth could maybe rise in the direction of $21,200.

More Losses in BTC?

If bitcoin fails to begin a restoration wave above the $19,050 resistance zone, it may proceed to transfer down. An rapid assist on the draw back is close to the $18,700 zone.

The subsequent main assist is close to the $18,550 degree. A transparent transfer beneath the $18,700 and $18,550 ranges may open the doorways for a transfer in the direction of the $18,000 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 beneath the 50 degree.

Major Support Levels – $18,700, adopted by $18,550.

Major Resistance Levels – $19,050, $19,300 and $19,500.