Bitcoin extended losses and traded below $20,000 against the US Dollar. BTC could revisit the key $19,500 support zone, where the bears might be tested.
- Bitcoin is following a bearish path below the $20,500 pivot level.
- The price is now trading below the $20,500 level and the 100 hourly simple moving average.
- There was a break below a major bullish trend line with support near $20,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might find support near the $19,500 and $19,350 levels.
Bitcoin Price Extends Losses
Bitcoin price started a fresh decline after it failed to stay above the $22,000 level. There was a steady decline below the $21,200 and $21,000 levels.
The price moved below the 61.8% Fib retracement level of the upward move from the $19,301 swing low to $22,500 swing high. Besides, there was a break below a major bullish trend line with support near $20,500 on the hourly chart of the BTC/USD pair.Bitcoin price is now trading below the $20,500 level and the 100 hourly simple moving average. It even settled below the 76.4% Fib retracement level of the upward move from the $19,301 swing low to $22,500 swing high.
However, there is a major support waiting near $19,500. On the upside, the price could resistance near the $20,000 and $20,150 levels.
Source:The next key resistance is near the $20,500 zone (the recent breakdown zone). A close above the $20,500 resistance zone could set the pace for a test of the 100 hourly simple moving average. Any more gains might open the doors for a move towards the $21,750 level. The next major resistance sits near the $22,000 level.
