Bitcoin cannot recover above $23,000 against the U.S. Dollar. Btc has now started a new slump and is still in danger of falling below the $20,000 support level.
- Bitcoin was unable to rise above $23,000 and started a new fall.
- The price is currently trading below $22,000 and the simple 100-hour moving average.
- There is a new connection bearish trendline forming with resistance near $20,850 on the hourly chart of the BTC/USD pair (Data source from Kraken).
- The pair is still in danger of falling below the $20,000 support zone in the near term.
Bitcoin price returns to $20,000
Bitcoin's price has been trying to rise new above $22,000. However, the bears have been operating near the $22,800 and $23,000 levels. Highs have been forming near $22,950 and prices are starting to fall new.
It is clear that there has been a move below the $21,500 level and the price has settled below the simple 100-hour moving average. The price even fell below the $21,000 level and traded close to the $20,000 support zone. The low has been forming near $20,200 and the price is currently trying to correct upwards.
There has been a move above the $20,500 resistance level. Bitcoin is currently examining the 23.6% Fib retracement of the recent drop from a high of $22,950 to a low of $20,200.
There is also a new connected bearish trendline that is forming with resistance near $20,850 on the hourly chart of the BTC/USD pair. The immediate resistance on the upside is near the $21,000 level. The first major resistance level is near the $21,550 level.
New btc decline?
If bitcoin fails to break through the $22,000 resistance zone and the trendline, it could start a new slump. Immediate support in terms of bearishness is near the $20,200 level.
The next main support is near the $20,000 level. Breaking the drop below the $20,000 support level could cause a sharp drop. In the stated case, the price can check for $18,800.
Technical indicators:
MACD – MACD indicator is currently losing speed in the bearish zone.
The RSI (Relative Strength Index) – RSI for BTC/USD is currently below 50.
The main support levels – $20,200, followed by $20,000.
The main resistance levels – $21,550, $22,300 and $23,000.
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