Bitcoin price failed to surpass $20,400 and annoyingly fell down to $19,746. Currently, BTC is below $20,000 and in case of losing the $19,800, it could fall further. With that, Bitcoin might reach $19,600 and $19,500 in short-term. Here is a summary of Bitcoin price in the past 24 hours:
- BTC failed to surpass $20,400 and formed a downtrend.
- Currently, BTC is trading below $20,400 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new channel forming with resistance at $20,430.
- In case Bitcoin loses the $19,800, it could quickly fall down to $19,500.
Bitcoin Price Action Analysis
Bitcoin finally surpassed the $20,000 level after hours of ranging with a recovery attempt. However, the sellers pushed it back down at $20,400 and BTC lost the $20,200 and $20,000 levels. The lowest recorder price in the past 24 hours has been $19,750 and this is where BTC bounced back. At the moment, Bitcoin is trading below the $20,400 and the 1-hour candles are below the SMA100. On the 1-hour chart, we see a new channel forming with resistance at $20,430.
The first resistance level for BTC is at $20,000 followed closely by $20,100 and the SM100. Further growth can potentially push BTC up to $20,200 and $20,350. After that, the $20,430 and $20,480 will be the next resistance levels. With a successful breakthrough from $20,500, BTC could possible reach $21,000 in short-term.
On the other hand, if Bitcoin price fails to surpass $20,000, it would move toward the bottom of the channel. In which case, the $19,800 will be the first support level followed by $19,650. Further decline can bring BTC down to $19,550 and $19,520. By dipping below $19,500, the price could quickly fall down to $18,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an 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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