Bitcoin Price Breakdown Looks Real, Why BTC Could Dive To $18K

Bitcoin broke the important thing $19,500 help towards the US Greenback. BTC is displaying bearish indicators and stays at a threat of a transfer in direction of the $18,000 degree.

  • Bitcoin failed to begin a contemporary improve and declined beneath the $19,500 help.
  • The worth is now buying and selling beneath the $19,000 degree and the 100 hourly easy transferring common.
  • There’s a connecting bearish pattern line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may right increased, however upsides may be restricted above $19,500.

Bitcoin Worth Takes A Hit

Bitcoin worth failed to realize tempo for a transfer above the $20,500 and $20,550 resistance ranges. There have been many failed makes an attempt, sparking a draw back response beneath the important thing $19,500 help zone.

There was a pointy decline beneath the $19,500 help and the 100 hourly easy transferring common. The worth declined beneath the $19,200 and $19,000 ranges. A low is shaped close to $18,670 and the value is now consolidating losses.

It’s now buying and selling beneath the $19,000 degree and the 100 hourly easy transferring common. On the upside, a direct resistance is close to the $19,000 degree. It’s close to the 23.6% Fib retracement degree of the current decline from the $20,171 swing excessive to $18,670 low.

The following main resistance sits close to the $19,400 degree. There’s additionally a connecting bearish pattern line forming with resistance close to $19,420 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The pattern line is close to the 50% Fib retracement degree of the current decline from the $20,171 swing excessive to $18,670 low. Any extra good points would possibly ship the value in direction of the $19,800 resistance zone and the 100 hourly easy transferring common.

Extra Losses in BTC?

If bitcoin fails to begin a restoration wave above the $19,000 zone, it may proceed to maneuver down. An instantaneous help on the draw back is close to the $18,650 zone.

The following main help sits close to the $18,500 degree. A draw back break beneath the $18,500 help would possibly spark extra downsides. Within the said case, the value could maybe take a look at the $18,000 help.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

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

Main Assist Ranges – $18,650, adopted by $18,500.

Main Resistance Ranges – $19,000, $19,400 and $19,500.

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