The beginning of a price drop!
Hello to all members of TradingView and my followers.
Bitcoin price tried to close above the $22,000 level, but bears remained active. As a result, there was a price drop below the $21,500 level.
The price dropped below the uptrend's 50% retracement Fib level from $19,300 to a high of $22,498. The price now trades below the $21,500 level and the 100-hour simple moving average.
Bitcoin is now testing the key support of $20,500.
If the price of Bitcoin remains above the trend line, it could correct above $20,800. In the uptrend, the price faces resistance near the $20,800 and $20,850 levels.
Key resistance is in the $21,250 range. A close above the $21,250 resistance area could allow a test of the $22,000 level. Any further upside may open the door for a rally to the $22,500 level. The next major resistance is near the $23,200 level.
If Bitcoin fails to stay above the $20,500 support, the $20,050 support will await.
The next major support is near $19,600, or the last swing low. A close below the $19,600 support area could push the price to $19,000. In the mentioned case, there is a risk of a move towards the $18,500 level.
If it is helpful to you, please like it. If you have a comment, I'll be happy to know. Respectfully.
Bitcoin price tried to close above the $22,000 level, but bears remained active. As a result, there was a price drop below the $21,500 level.
The price dropped below the uptrend's 50% retracement Fib level from $19,300 to a high of $22,498. The price now trades below the $21,500 level and the 100-hour simple moving average.
Bitcoin is now testing the key support of $20,500.
If the price of Bitcoin remains above the trend line, it could correct above $20,800. In the uptrend, the price faces resistance near the $20,800 and $20,850 levels.
Key resistance is in the $21,250 range. A close above the $21,250 resistance area could allow a test of the $22,000 level. Any further upside may open the door for a rally to the $22,500 level. The next major resistance is near the $23,200 level.
If Bitcoin fails to stay above the $20,500 support, the $20,050 support will await.
The next major support is near $19,600, or the last swing low. A close below the $19,600 support area could push the price to $19,000. In the mentioned case, there is a risk of a move towards the $18,500 level.
If it is helpful to you, please like it. If you have a comment, I'll be happy to know. Respectfully.
💎 We believe that everyone can trade and deserves the opportunity to succeed in the world of cryptocurrency and take advantage of its potential.
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.