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TA: Bitcoin Price Turns Red as Bears Take Over Crypto Market – NewsBTC

Bitcoin is showing bearish signs below the $20,000 support zone against the US Dollar. BTC could accelerate further lower below the $19,500 support zone.
Bitcoin price attempted a recovery wave above the $20,300 resistance level. However, there was no upside break and the price remained in a bearish zone below $20,500.
Recently, Ethereum saw a major bearish reaction below the $1,500 support. As a result, BTC also moved a few points lower and declined below the $20,000 support. It even traded below the $19,600 and tested the $19,500 support zone.
A low is formed near $19,509 and the price is now consolidating losses. Bitcoin price is now trading below $20,200 and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $20,000 level. There is also a major bearish trend line forming with resistance near $20,050 on the hourly chart of the BTC/USD pair. Besides, the 23.6% Fib retracement level of the main decline from the $22,790 swing high to $19,509 low is just above the trend line.
The next major resistance sits near the $21,000 level and the 100 hourly simple moving average. It coincides with the 50% Fib retracement level of the main decline from the $22,790 swing high to $19,509 low.
Bitcoin Price
A close above the $21,000 resistance might start a fresh increase. In the stated case, the price may perhaps rise towards $21,400. Any more gains might send the price towards the $22,000 resistance zone.
If bitcoin fails to start a recovery wave above the $20,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,500 zone.
The next major support is near the $19,200 levels. A clear move below the $19,500 and $19,200 levels might open the doors for a move towards the $18,500 level.
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 – $19,500, followed by $19,200.
Major Resistance Levels – $20,000, $20,050 and $20,300.
Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
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She has been writing columns on consumer gadgets for over 2 years now. Her areas of interest include smartphones, tablets, mobile operating systems and apps. She holds an M.C.S. degree from Texas A&M University.