Bitcoin exceeded losses and traded below $ 19,600 against the US Dollar. BTC could start a recovery wave if it stays above the $ 19,300 support zone.
- Bitcoin remains in a bearish zone and is well below the $ 20,000 level.
- The price is currently trading below the $ 19,600 level and is a simple 100 hour moving average.
- There is a major bearish trend line formed with resistance near $ 19,600 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair could start a wave of recovery if it stays above the $ 19,300 support zone.
Bitcoin Price Reach Key Support
Bitcoin price starts a fresh loss below the $ 21,000 support zone. The Bears gained strength and pushed the price below the $ 20,000 support zone.
The decline even exceeded the $ 19,600 support zone. A low formed near $ 19,256 and the price is now consolidating near major support at $ 19,300. It is also trading below the $ 19,600 level and 100 moving average per hour.
If bitcoin stays above the $ 19,300 zone, it may start a wave of recovery. On the upside, the price could hold near the $ 19,550 and $ 19,600 levels.
There is also a major bearish trend line formed with resistance near $ 19,600 on the hourly chart of the BTC / USD pair. The next key obstacle is close to the $ 20,000 zone (new breakdown zone). It is close to the 23.6% Fib retracement level of the downward move from the $ 22,498 swing high to the $ 19,256 low.
Source: BTCUSD on TradingView.com
A close above the $ 20,000 resistance zone can set the pace for a test of 100 per hour simple moving average. Other gains could open the door to move to a 50% Fib retracement level from a downward move from $ 22,498 swing high to $ 19,256 low. The next major resistance is located near the $ 21,200 level.
More Loss in BTC?
If bitcoin fails to start a recovery wave above the $ 20,000 level, it could continue downward. Direct support at the bottom is near the $ 19,300 level.
The next major support is currently near the $ 19,250 level or lower. Closing below the $ 19,250 support zone could accelerate losses. In that case, there is a risk of a move to the $ 18,500 level.
Hourly MACD – The MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently in the oversold zone.
Key Support Level – $ 19,300, followed by $ 18,500.
Main Resistance Levels – $ 19,600, $ 20,000 and $ 20,500.