Bitcoin settled beneath the $21,000 assist zone towards the US Greenback. BTC is displaying bearish indicators and stays susceptible to a serious collapse beneath $20,000.

• Bitcoin struggled to right higher and stayed beneath the $21,000 resistance zone.
• The worth is now trading beneath $20,750 and the 100 hourly easy transferring common.
• There’s a key bearish pattern line forming with resistance close to $20,250 on the hourly chart of the BTC/USD pair (knowledge feed by Kraken).
• The pair is consolidating above $20,000 and it might begin one other decline.

Bitcoin worth faces sellers

Bitcoin worth remained in a bearish zone beneath the $21,000 level. There was a short-term restoration wave, however the bears have been energetic close to the $20,300 and $20,350 ranges.

The worth began a contemporary decline and traded beneath the $20,000 level. It even broke the current swing low and traded to a contemporary weekly low at $19,619. The worth is now trading beneath $20,750 and the 100 hourly easy transferring common.

There’s additionally a key bearish pattern line forming with resistance close to $20,250 on the hourly chart of the BTC/USD pair. On the upside, there’s a right away resistance close to $20,300. It’s close to the 23.6% Fib retracement level of the important thing drop from the $22,790 high to the $19,619 low.

A transparent transfer above the trendline and $20,300 might ship the worth in direction of the $20,750 resistance. The subsequent main resistance is close to $21,200. It coincides with the 50% Fib retracement level of the important thing decline from the $22,790 high to $19,619 low.

Supply: BTCUSD on TradingView.com

An in depth above the $21,200 resistance might begin a contemporary enhance. Within the case talked about, the worth might maybe rise in direction of $22,000. Additional features might ship the worth in direction of the $22,450 resistance zone.

Extra losses on BTC?

If bitcoin fails to clear the $20,300 resistance zone, it might proceed decrease. Rapid assist on the draw back is close to the $20,000 zone.

The subsequent main assist is close to the $19,600 and $19,500 ranges. A draw back break beneath the $19,500 level might ship the worth in direction of the $18,500 assist.

Technical indicators:

Hourly MACD – The MACD is now selecting up tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 level.

Key assist ranges – $20,000 adopted by $19,500.

Main resistance ranges – $20,300, $20,750 and $21,200.