Bitcoin price failed to surpass $20,000 and turned back down. Currently, BTC is making a weak recovery attempt and in case of surpassing $19,800, it could move to regain $20k. However, it is likely for sellers to push the price down at $20,000. Here is a summary of Bitcoin price in the past 24 hours:
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- BTC failed to surpass $20,000 and dipped as low as $19,600.
- Currently, the price is below $20,000 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new downtrend forming with resistance at $19,800.
- On the same chart, we see a new channel forming with resistance at $20,450.
- In case of surpassing the $19,800 and $20,000, BTC could move to break the ceiling. Otherwise, further decline can follow.
Bitcoin Price Action Analysis
Bitcoin price had some support at $19,750 but failed to break through $20,000 and the SMA100. Subsequently, it dipped and lost the $19,800 level and hit a 24-h low of $19,600. After that, BTC set to recover and is currently trading below $20,000 and the SMA100. On the 1-hour chart, we see a new downtrend forming with resistance at $19,800. On the same chart, we also have a new channel forming with resistance at $20,450.
The first resistance level for BTC is at $20,800 which is on the downtrend. Following that, the $20,000 level on the SMA100 will be the next resistance level. Breaking through $20,000 could pave the way for further short-term growth. In which case, the $20,200 and $20,450 will be next in line. By then, the $20,750 near the 50% Fibonacci retracement level is a critical resistance level. Last but not least, the $21,000 is a key resistance level for Bitcoin.
On the other hand, if Bitcoin price fails to surpass $19,800 and $20,000, it would approach the bottom of the channel. For this scenario, the $19,600, $19,520 and $19,500 will be the next support levels. Then, the $19,450 will be the next support for BTC. Further decline can bring about a new downtrend. Likely, the $19,200 and $18,900 will be the next support levels.
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 below 50.
Resistance levels: Right now, the $20,000, $20,200 and $20,480 are crucial resistance levels for BTC.
Support levels: The $19,520 is currently the key support level for the price.
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