TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up
June 29 2022 - 11:08PM
NEWSBTC
Bitcoin is struggling below the $20,000 zone against the US Dollar.
BTC remains at a risk of more losses if the bulls fail to protect
the $19,800 support zone. Bitcoin is showing bearish signs below
the $21,000 and $20,500 levels. The price is now trading below the
$20,400 level and the 100 hourly simple moving average. There is a
key bearish trend line forming with resistance near $20,400 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could decline further if there is a clear move below the $19,800
zone. Bitcoin Price Remains At Risk Bitcoin price failed to recover
above the $21,000 pivot level. The price remained in a bearish zone
and extended its decline below the $20,500 support zone. There was
also a close below the $20,250 level. BTC spiked below the $20,000
level, but the bulls were active near $19,800 level. A low is
formed near $19,828 and the price is now consolidating losses. It
is now trading below the $20,400 level and the 100 hourly simple
moving average. An immediate resistance on the upside is near the
$20,150 level. It is near the 23.6% Fib retracement level of the
recent decline from the $21,188 swing high to $19,828 low. The next
key resistance is near the $20,400 zone. There is also a key
bearish trend line forming with resistance near $20,400 on the
hourly chart of the BTC/USD pair. The trend line is near the 50%
Fib retracement level of the recent decline from the $21,188 swing
high to $19,828 low. Source: BTCUSD on TradingView.com A clear move
above the trend line resistance and then $20,500 could start a
recovery wave. In the stated case, the price could rise towards the
$20,900 level. The next major hurdle for the bulls might be near
the $21,200 zone, above which the price may perhaps rise towards
the $21,800 level. More Losses in BTC? If bitcoin fails to clear
the $20,500 resistance zone, it could continue to move down. An
immediate support on the downside is near the $20,000 level. The
main support now sits near the $19,800 level, below which the price
could accelerate lower. The next major support sits near the
$18,800 zone. Any more losses could send the price towards the
$18,000 level. Technical indicators: Hourly MACD – The MACD is now
losing pace in the bearish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now below the 50 level. Major
Support Levels – $20,000, followed by $19,800. Major Resistance
Levels – $20,150, $20,400 and $20,500.
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