Bitcoin Price Analysis: BTC Struggles Near $20K

Bitcoin Price Analysis

Bitcoin Price Analysis: BTC Struggles Near $20K

Bitcoin price started a major decline from the $30,000 resistance against the US Dollar.
The price is now trading below $24,000 and the 55 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $26,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
The pair could continue to move down if it breaks the $20,000 support zone.

Bitcoin price is struggling below $25,000 against the US Dollar. BTC might extend losses if it stays below the $23,000 and $25,000 resistance levels.
Bitcoin Price Analysis
Bitcoin price started a major decline below the $28,500 support zone. There was a sharp bearish wave and the price even declined below the $25,000 support zone.
The bears pushed the price below the $23,000 level and the 55 simple moving average (4-hours). It even broke the $22,000 support. A low is formed near $20,726 and the price remains at a risk of more downsides. An immediate resistance on the upside is near the $21,800 level.
The first major resistance is near the $23,300 level. The stated resistance is near the 23.6% Fib retracement level of the downward move from the $31,550 swing high to $20,726 low.
The next major resistance on the upside is near the $25,000 level. There is also a key bearish trend line forming with resistance near $26,000 on the 4-hours chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the downward move from the $31,550 swing high to $20,726 low.
To start another increase, the price must settle above the $25,000 level in the near term. In the stated case, bitcoin could rise towards the $26,500 resistance or even $28,000. The next major resistance sits near the $28,500 level.
If there is no upside break, the price might start a fresh decline below $20,000. The next key support is near the $18,250 level. Any more losses might call for a test of the $16,500 support zone.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $25,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $20,000 support zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 30 level.
Key Support Levels – $20,000 and $18,250.
Key Resistance Levels – $21,800, $23,800 and $25,000.

Tags: bitcoin, BTC

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