Bitcoin's Price Plunges, Indicating a Possible Correction
Bitcoin's price fell sharply below $22,000, indicating a possible correction. If the price falls below $20,000, it could signal more significant losses.
Bitcoin started a sharp downside correction below the $22,000 level against the US Dollar. BTC must stay above the $20,000 support to avoid more losses. Prices are currently struggling to stay above the $21,000 level and any further downside could push BTC towards the $20,000 support. Below this, the next key support is near the $19,000 level.
- Bitcoin's sharp downward move has continued, with the cryptocurrency now falling below $22,000. This latest drop comes as a surprise to many, as Bitcoin had been steadily climbing in recent weeks.
- The Bitcoin price is now trading below $21,000 and the 100 hourly simple moving average. This is a bearish development and could mean that the price will continue to fall in the short-term.
- The BTC/USD pair is bearish and could extend its losses below $21,000 in the near-term.
- The pair is consolidating above the $20,000 level, with a minor bullish angle. This bodes well for the future of the currency, as it shows that there is still strong interest in it despite the recent decline in value.
Bitcoin Price Dives To $20,000
It seems that Bitcoin is attempting to regain some strength, after a period of rather lackluster performance. The price has spiked above a few key resistance levels, including $22,000, $22,500, and $22,750. Additionally, the 100 hourly simple moving average has been breached. This could be a sign that Bitcoin is ready to resume its upwards momentum. Only time will tell, however, so stay tuned for further updates.
The price of Bitcoin failed to gain strength and topped out near the $22,768 level. This resulted in a bearish wave below the $22,000 and $21,500 levels. There was also a move below the $21,000 level and the 100 hourly simple moving average.
It is clear that the bitcoin price is in a bearish trend, and it seems that it may continue to fall in the near future. The key support level at $21,810 has been broken, and the price has even tested the $20,000 zone. A low has been formed near $19,921, and the price is now consolidating losses.
On the upside, the immediate resistance is near the $20,600 level. This level is near the 23.6% Fib retracement level of the recent decline from the $22,768 swing high to $19,921 low. This suggests that the market may find some support near this level and rebound higher in the near-term.
The next major resistance level for Bitcoin is near the $21,350 mark. This level coincides with the 50% Fibonacci retracement level from the recent decline from the $22,768 swing high to the $19,921 low. A close above the $21,350 resistance could start a fresh surge higher. In this case, the price could rise towards the $22,000 level. Further gains could send the price towards the $22,500 resistance zone.
More Losses in BTC?
I believe that bitcoin will continue to move down if it fails to clear the $21,350 resistance zone. The immediate support on the downside is near the $22,000 zone, which I believe will provide some support for the currency. However, if bitcoin falls below this support level, it could continue to decline in value.
It is clear that the market is still very bullish on Bitcoin, with the next major support levels being near $19,500 and $19,400. A downside break below the $19,400 level could send the price towards the $18,500 support, but it is still very likely that the market will continue to push higher in the near future.
There are a number of technical indicators that can be used to analyze a stock, and investors often use them to make decisions about whether to buy or sell.
The MACD is now losing pace in the bearish zone, which could mean that the market is about to turn around. This is good news for investors, as it means that there may be an opportunity to make some profits.
The RSI for BTC/USD is now recovering from the oversold levels. This is a positive sign for the cryptocurrency, as it shows that the market is beginning to rebound from the recent sell-off.
It is clear that the major support levels for the market are at $20,000 and $19,400. These levels are very important to watch in the coming days and weeks.
It is clear that there are major resistance levels at $20,600, $21,000 and $21,350. These levels are important to watch, as they could indicate where the market is heading.
