Stronger Dollar Pushes Bitcoin Under $20K – What Could Drive an Uptrend?
Bitcoin extended its losses and decided to trade below $19,600. If BTC remains above the $19,300 support level, it may begin a recovery
Bitcoin extended its losses and decided to trade below $19,600. If BTC remains above the $19,300 support level, it may begin a recovery wave. BITCOIN remained bearish and decided to settle below the $20,000 mark.
The price currently trades below the $19,600 level and the 100 hourly simple moving average. On the hourly timeframe of the BTC/USD pair, a major bearish trend line is forming with resistance near $19,600.
If the pair remains above the $19,300 support level, it may begin a recovery wave.
Bitcoin Price Reaches Critical Support
Bitcoin’s price has begun to decline below the $21,000 support level. The bears gained traction and drove the price below the $20,000 support level. The drop even went below the $19,600 support level. A low has been formed near $19,256, and the price is currently consolidating near a major support level of $19,300. It trades below the $19,600 mark and the 100 hourly simple moving average. If bitcoin remains above $19,300, it may trigger a recovery wave. On the upside, resistance could be found near the $19,550 and $19,600 levels.
On the hourly chart of the BTC/USD pair, a major bearish trend line is forming with resistance near $19,600. The next major barrier is near the $20,000 mark (the recent breakdown zone). It is close to the 23.6 percent Fib retracement level of the decline from the swing high of $22,498 to the low of $19,256.
A close above $20,000 could set the stage for a test of the 100 hourly simple moving average. Any further gains could lead to a move towards the 50 percent Fib retracement level of the decline from the $22,498 swing high to the $19,256 low. The next significant resistance is located near the $21,200 level.
More Bitcoin Losses?
If Bitcoin does not begin a recovery wave above $20,000, it may continue to fall. On the downside, there is immediate support near $19,300. The next major support is now near $19,250, or the recent low.
A close below the $19,250 support level could hasten losses. In the scenario above, there is a risk of a move towards the $18,500 level. Good luck!
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