TA: Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

Bitcoin is struggling below the $21,000 zone against the US Dollar. BTC could continue to move down unless there is a clear move above the $20,750 resistance zone.

  • Bitcoin started a fresh decline below the $21,000 and $20,500 levels.
  • The price is now trading below the $20,500 level and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline further if there is a clear move below the $20,000 zone.
Bitcoin Price Is Sliding

Bitcoin price remained in a bearish zone below the $21,000 pivot level. The bulls struggled to push the price higher and there was a bearish reaction below the $20,800 level.

The price traded below the 61.8% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. The decline was such that the bears even pushed the price below the $20,550 and $20,500 support levels.

It tested the 76.4% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. Bitcoin is now trading below the $20,500 level and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $20,520 level. The next key resistance is near the $20,750 zone. There is also a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

A clear move above the trend line resistance and then $21,000 could initiate a decent increase. In the stated case, the price could rise above the $21,250 level. The next major hurdle for the bulls might be near the $21,750 zone, above which the price may perhaps rise towards the $22,500 level.

More Losses in BTC?

If bitcoin fails to clear the $21,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,220 level.

A downside break below the $20,220 support zone could push the price further lower. The next major support sits near the $20,000 zone. Any more losses could send the price towards the $18,800 level or a new monthly low.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $20,220, followed by $20,000.

Major Resistance Levels – $20,520, $20,800 and $21,250.



from NewsBTC https://ift.tt/hjf2wLJ
via IFTTT

Popular posts from this blog

Do Kwon’s Detention Prolonged Until 2024 As Montenegro Responds To Extradition Requests

Image
According to an International Business Times report , Montenegro’s Supreme Court decided to extend the detention of TerraForm Labs founder and CEO Do Kwon until February 2024, following extradition requests from the United States and South Korea. Closed-Door Discussions Reveal Montenegro’s Plan For Do Kwon Initially set to be extradited to the US on December 15, Do Kwon’s fate turned when the Montenegrin High Court ruled to prolong his stay until February 15, 2024. The decision stems from charges related to the collapse of the TerraUSD stablecoin, which led to significant financial losses. The High Court had previously ordered Kwon’s extradition by Friday, but his defense team appealed the decision in the appellate court in Podgorica, the capital of Montenegro. The Montenegrin Court of Appeal confirmed that Kwon contested the High Court’s ruling, vehemently stating, “I do not submit to the court’s decision.” Recent reports indicate that Montenegro’s Justice Minister, Andrej Mil
Read more

Sam Bankman-Fried Trial Begins Tomorrow: 3 Reasons Ex-SEC Official Foresees Conviction

Image
The trial of Sam Bankman-Fried, the founder of cryptocurrency exchange FTX and hedge fund Alameda Research, is set to commence in New York on Tuesday, October 3.  This comes almost a year after the collapse of both FTX and Alameda Research. The events leading up to the trial paint a picture of alleged fraudulent activities and money laundering that caused significant damage to the businesses involved. Ex-SEC Official’s Bleak Prediction As Sam Bankman-Fried Trial Commences In a nutshell, Alameda Research purportedly took customer deposits from FTX and invested them in fictitious crypto tokens, which derived their value from the confidence in FTX’s operations.  When this confidence waned, FTX and Alameda Research suffered substantial losses, which many argue contributed to a broader disillusionment in the cryptocurrency industry.  Following an investigation, federal authorities uncovered numerous alleged crimes, leading to seven federal fraud and money-laundering charges against B
Read more

April’s Crypto Game-Changers: 7 Events Set To Drastically Impact The Course Of Digital Currencies

Image
As the crypto market ended March positively, the industry gears up for an eventful April, marked by crucial developments and milestones that could significantly impact the digital asset landscape.  Crypto Halvings And Regulatory Deadlines The month starts with the Bitcoin Cash (BCH) halving event scheduled for April 2nd. Similar to Bitcoin (BTC), BCH undergoes a halving approximately every four years, which reduces mining profits for BCH miners.  On April 10, the US is scheduled to announce March’s Consumer Price Index (CPI), a vital indicator that measures the average price change paid by urban consumers for a basket of goods and services.  The Federal Reserve closely monitors the CPI as it influences inflation and, consequently, the central bank’s decisions regarding interest rates. Any changes in interest rates can ripple effect on the overall crypto market performance. April 19 marks the deadline for the US Securities and Exchange Commission (SEC) and US crypto exchange Coin
Read more