Bitcoin price lost the $20,000 support level once again. It is likely for BTC to reach the $19,500 level in short-term. Here is a summary of Bitcoin price in the past 24 hours:
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- BTC is consolidating below the $20,500 level.
- Currently, Bitcoin price is below $20,500 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new downtrend forming with resistance level at $20,500.
- The $19,500 and $19,300 are key support levels for the buyers to push BTC upwards.
Bitcoin Price Action Analysis
BTC failed to remain above $22,000 and went on a new downtrend. With that, it lost the $21,200 and $21,000 levels. Furthermore, the price dipped below the 61.8% Fibonacci retracement level from the latest rise from $19,301 to $22,500. On top of that, Bitcoin lost the key support level at $20,500 on the 1-hour chart.
Currently, the price is below $20,500 and the 1-hour candles are below the SMA100. At this point, BTC has stabilized below the 16.4% Fibonacci retracement level. However, the $19,500 support level seems to be a strong support for the price.
The first resistance level for BTC is at $20,000 and $20,150 followed by the $20,500. Closing above $20,500 and pave the way for BTC to reach the SMA100. Further growth at that point will bring Bitcoin up to $21,750 and $22,000.
On the other hand, if Bitcoin price fails to surpass $20,150, the downtrend will continue. In which case, the $19,580 will be the first support level followed by $19,300. In case of losing the $19,300, the downtrend will gain strong momentum. For this scenario, the $18,500 is a key support level.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently 50.
Resistance levels: Right now, the $21,600, $22,130 and $22,500 are crucial resistance levels for BTC.
Support levels: The $21,000 and $20,600 are currently the key support levels for the price.
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