Prediction/Analysis

TA: Bitcoin plunges additional, why BTC may see $20,000 once more

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Bitcoin is transferring decrease under the $21,000 space towards the US Greenback. BTC may achieve bearish momentum under the $20,650 help zone.

  • Bitcoin struggled to interrupt above $21,200 and fell in the direction of $20,650.
  • The worth is now under the $21,000 degree and the 100 hourly easy transferring common.
  • A key bearish development line is forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might drop additional if there’s a clear transfer under the $20,650 space.

Bitcoin worth stays in danger

Bitcoin worth didn’t clear the $21,500 resistance zone and began a recent decline. The worth fell under the $21,200 and $21,000 ranges.

There was a transparent transfer under the 50% Fib retracement degree of the upward transfer from the low from the $19,751 excessive to $21,780 excessive. There was additionally an in depth under the $20,800 degree and the 100 hourly easy transferring common.

Bitcoin examined the $20,600 and $20,500 help ranges. It’s now consolidating close to the 61.8% Fib retracement degree of the upward transfer from the low of $19,751 to $21,780. A direct resistance on the upside is close to the $21,920 degree.

The following key resistance is close to the $21,000 degree. There may be additionally a key bearish development line forming with resistance close to $21,000 on the hourly chart of the BTC/USD pair. A transparent transfer above the $21,000 degree might set off an honest rise.

Supply: BTCUSD on TradingView.com

Within the indicated case, the value might break above the $21,250 degree. The following main cease could possibly be close to the excessive of $21,780, above which the value might probably climb in the direction of the $22,500 degree.

Extra losses in BTC?

If bitcoin fails to clear the $21,250 resistance zone, it might proceed to say no. Speedy help on the draw back is close to the $20,650 and $20,500 space.

A break down under the $20,650 help zone might provoke a serious decline. Within the indicated case, the value might slide in the direction of the $20,000 degree. Any additional losses might set the tone for a transfer in the direction of the $19,200 and even $18,800 degree within the coming periods.

Technical indicators:

Hourly MACD – The MACD is now accelerating into the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 50 degree.

Primary help ranges – $20,500, adopted by $20,000.

Primary resistance ranges – $20,920, $21,250 and $22,500.


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