Bitcoin Price Analysis: BTC Crash Could Extend Further, Here’s Why
Bitcoin price is struggling below $19,000 against the US Dollar. BTC might extend losses if it stays below the $19,000 and $19,500 resistance levels.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $21,450 zone. There was a steady decline below the $20,000 and $19,500 support levels.
The decline gained pace below the $19,000 level and the 55 simple moving average (4-hours). Besides, there was a break below a major bullish trend line with support near $20,500 on the 4-hours chart of the BTC/USD pair. The bears even pushed the price below the $18,000 level.
The price tested the $17,500 support zone and is now consolidating losses. An immediate resistance on the upside is near the $18,450 level. It is near the 23.6% Fib retracement level of the downward move from the $21,478 swing high to $17,500 low.
The first major resistance is near the $18,880 level. A clear move above the $18,880 level might send the price towards $19,500. It is near the 50% Fib retracement level of the downward move from the $21,478 swing high to $17,500 low.
Any more gains might push the price towards the $20,000 zone. If there is no upside break, the price might continue to decline below $18,000. The next key support is near the $17,500 level, below which the price might accelerate lower.
In the stated case, the price could decline towards the $17,000 level. Any more losses might send the price towards the $16,500 level.
Looking at the chart, bitcoin price is clearly trading below $19,500 and the 55 simple moving average (4-hours). Overall, the price remains at a risk of more losses towards the $16,500 level in the near term.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $18,000 and $17,500.
Key Resistance Levels – $18,880, $19,500 and $20,000.
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