{"id":494792,"date":"2022-07-04T03:08:27","date_gmt":"2022-07-04T03:08:27","guid":{"rendered":"https:\/\/wncen.com\/?p=494792"},"modified":"2024-06-11T14:21:16","modified_gmt":"2024-06-11T14:21:16","slug":"bitcoin-remains-in-downtrend-20k-2","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-remains-in-downtrend-20k-2\/","title":{"rendered":"TA: Bitcoin Remains In Downtrend, What Could Spark Sharp Upside"},"content":{"rendered":"<p><em>Bitcoin is trading in a bearish zone below $19,500 against the US Dollar. BTC might start a sharp recovery wave if there is a move above the $19,500 resistance.<\/em><\/p>\n<ul>\n<li>Bitcoin failed to gain pace above the $19,500 and $19,600 resistance levels.<\/li>\n<li>The price is now trading below the $20,000 level and the 100 hourly simple moving average.<\/li>\n<li>There is a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a fresh decline unless there is a move above the $19,500 resistance zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Eyes Upside Break<\/h2>\n<p>Bitcoin price started <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-recovers-sharply-20500\/\" target=\"_blank\" rel=\"noopener \">another decline<\/a> below the $19,500 support zone. The price even traded below the $19,000 support zone and spiked below the $18,800 level.<\/p>\n<p>A low was formed near $18,738 and the price is now consolidating losses. There was a minor upward move above the $19,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low.<\/p>\n<p>However, the price is now facing a strong resistance near the $19,400 zone and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-is-plunging-20k\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>. There is also a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The trend line is close to the 50% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/Bitcoin-1.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-494793\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/Bitcoin-1.png?resize=1834%2C845\" alt=\"Bitcoin Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/Bitcoin-1.png?w=1834 1834w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/Bitcoin-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/Bitcoin-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/Bitcoin-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/Bitcoin-1.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/Bitcoin-1.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/Bitcoin-1.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The next key resistance is near the $19,800 zone. A clear move above the trend line resistance and then $19,800 could push the price further higher. In the stated case, the price could rise towards the $20,500 level. The next major resistance sits near the $21,200 level.<\/p>\n<h2>Fresh Decline in BTC?<\/h2>\n<p>If bitcoin fails to clear the $19,500 resistance zone, it could start another decline. An immediate support on the downside is near the $19,000 level.<\/p>\n<p>The next major support now sits near the $18,700 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $17,500 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $19,000, followed by $18,700.<\/p>\n<p>Major Resistance Levels \u2013 $19,500, $19,800 and $20,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is trading in a bearish zone below $19,500 against the US Dollar. BTC might start a sharp recovery wave if there is a move above the $19,500 resistance. Bitcoin failed to gain pace above the $19,500 and $19,600 resistance levels. The price is now trading below the $20,000 level and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a fresh decline unless there is a move above the $19,500 resistance zone. Bitcoin Price Eyes Upside Break Bitcoin price started another decline below the $19,500 support zone. The price even traded below the $19,000 support zone and spiked below the $18,800 level. A low was formed near $18,738 and the price is now consolidating losses. There was a minor upward move above the $19,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low. However, the price is now facing a strong resistance near the $19,400 zone and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $19,500 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $20,500 swing high to $18,738 low. Source: BTCUSD on TradingView.com The next key resistance is near the $19,800 zone. A clear move above the trend line resistance and then $19,800 could push the price further higher. In the stated case, the price could rise towards the $20,500 level. The next major resistance sits near the $21,200 level. Fresh Decline in BTC? If bitcoin fails to clear the $19,500 resistance zone, it could start another decline. An immediate support on the downside is near the $19,000 level. The next major support now sits near the $18,700 level, below which the price could decline heavily. In the stated case, the price may perhaps decline towards the $17,500 level. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $19,000, followed by $18,700. Major Resistance Levels \u2013 $19,500, $19,800 and $20,500.<\/p>\n","protected":false},"author":67,"featured_media":464592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-494792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Remains In Downtrend, What Could Spark Sharp Upside<\/title>\n<meta name=\"description\" content=\"Bitcoin is trading in a bearish zone below $19,500 against the US Dollar. 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