Bitcoin extended losses and traded below $19,600 against the US Dollar. BTC could start a recovery wave if it stays above the $19,300 support zone.
- Bitcoin remained in a bearish zone and settled below the $20,000 level.
- The price is now trading below the $19,600 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $19,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might start a recovery wave if it stays above the $19,300 support zone.
Bitcoin Price Reaches Key Support
Bitcoin price started a fresh decline below the $21,000 support zone. The bears gained strength and pushed the price below the $20,000 support zone.
The decline even extended below the $19,600 support zone. A low is formed near $19,256 and the price is now consolidating near a major support at $19,300. It is also trading below the $19,600 level and the 100 hourly simple moving average.
Source:A close above the $20,000 resistance zone could set the pace for a test of the 100 hourly simple moving average. Any more gains might open the doors for a move towards the 50% Fib retracement level of the downward move from the $22,498 swing high to $19,256 low. The next major resistance sits near the $21,200 level.