THELOGICALINDIAN - Bitcoin continued losses and traded beneath 20240 adjoin the US Dollar BTC could revisit the key 20240 abutment area area the bears ability be tested
Bitcoin Price Extends Losses
Bitcoin amount started a fresh decline afterwards it bootless to break aloft the $22,000 level. There was a abiding abatement beneath the $21,200 and $21,000 levels.
The amount confused beneath the 61.8% Fib retracement akin of the advancement move from the $19,301 beat low to $22,500 beat high. Besides, there was a breach beneath a above bullish trend band with abutment abreast $20,500 on the alternate blueprint of the BTC/USD pair.
Bitcoin amount is now trading beneath the $20,500 akin and the 100 alternate simple affective average. It alike acclimatized beneath the 76.4% Fib retracement akin of the advancement move from the $19,301 beat low to $22,500 beat high.
However, there is a above abutment cat-and-mouse abreast $19,500. On the upside, the amount could attrition abreast the $20,000 and $20,150 levels.
The abutting key attrition is abreast the $20,500 area (the contempo breakdown zone). A abutting aloft the $20,500 attrition area could set the clip for a analysis of the 100 alternate simple affective average. Any added assets ability accessible the doors for a move appear the $21,750 level. The abutting above attrition sits abreast the $22,000 level.
More Losses in BTC?
If bitcoin fails to alpha a accretion beachcomber aloft the $20,150 level, it could abide to move down. An actual abutment on the downside is abreast the $19,580 level.
The abutting above abutment now sits abreast the $19,300 akin or the aftermost beat low. A abutting beneath the $19,300 abutment area could advance losses. In the declared case, there is a accident of a move appear the $18,500 level.
Technical indicators:
Hourly MACD – The MACD is now accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold zone.
Major Support Levels – $19,600, followed by $19,300.
Major Resistance Levels – $20,150, $20,500 and $21,750.
