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.
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