Bitcoin Price Analysis: BTC Could Drop Again To This Key Support

Bitcoin price is struggling below $19,500 against the US Dollar. BTC might extend losses if it stays below the $19,500 and $20,000 resistance levels.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $20,400 zone. There was a steady decline below the $20,000 and $19,400 support levels.

The decline gained pace below the $19,400 level and the 55 simple moving average (4-hours). Besides, there was a break below a major bullish trend line with support near $19,400 on the 4-hours chart of the BTC/USD pair. The bears even pushed the price below the $19,000 level.

The price tested the $18,850 support zone and is now consolidating losses. An immediate resistance on the upside is near the $19,230 level. It is near the 23.6% Fib retracement level of the downward move from the $20,455 swing high to $18,855 low.

The first major resistance is near the $19,650 level. It is near the 50% Fib retracement level of the downward move from the $20,455 swing high to $18,855 low.

A clear move above the $19,650 level might send the price towards $20,000. Any more gains might push the price towards the $20,500 zone. If there is no upside break, the price might continue to decline below $18,850. The next key support is near the $18,520 level, below which the price might accelerate lower.

In the stated case, the price could decline towards the $17,800 level. Any more losses might send the price towards the $17,500 level.

Bitcoin Price

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 $18,500 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 – $18,850 and $18,520.

Key Resistance Levels – $19,230, $19,650 and $20,000.

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