TA: Bitcoin Price Keeps Struggling, What Could Trigger Another Downtrend

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,253,036,463,578	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,253,036,463,578

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,016.02	1.62%	63,905.27	63,905.26	63,905.27

Price Change

Price Change %

Current Price

Bid Price

Offer

1,016.02

1.62%

63,905.27

63,905.26

63,905.27

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,546.00	62,565.82	62,868.02	62,889.25	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,546.00

62,565.82

62,868.02

62,889.25

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	00:21:52	0.000210	63,905.27	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

00:21:52

0.000210

63,905.27

USD

Price x Volume	Volume	Base Symbol	Related Pairs
548,503,813.66	8,636.97	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

548,503,813.66

8,636.97

TA: Bitcoin Price Keeps Struggling, What Could Trigger Another Downtrend

03/10/2022 4:08am

NEWSBTC

Bitcoin price is struggling to climb above the $20,000 resistance against the US Dollar. BTC could decline heavily if there is a close below the $18,500 support. Bitcoin remained in a range and stayed above the $19,000 support zone. The price is trading below $19,400 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline if there is a clear move below the $18,500 support. Bitcoin Price Stuck In a Range Bitcoin price attempted a fresh increase above the $19,000 resistance zone. BTC climbed above the $19,250 level and the 100 hourly simple moving average. The price even gained pace above the $19,500 resistance and spiked above $20,000. However, the bears were active above the $20,000 resistance zone. A high was formed near $20,177 and the price started a downside correction. There was a move below the $19,500 level. Besides, there was a break below a key bullish trend line with support near $19,350 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $19,400 and the 100 hourly simple moving average. A low is formed near $18,937 and the price is consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low. On the upside, an immediate resistance is near the $19,400 level and the 100 hourly SMA. The next major resistance sits near the $19,560 zone. It is close to the 50% Fib retracement level of the recent decline from the $20,177 swing high to $18,937 low. Source: BTCUSD on TradingView.com A clear move above the $19,560 resistance might start a fresh increase. In the stated case, the price could even surpass the $20,000 resistance zone. The next major resistance is near the $20,500 zone. Another Drop in BTC? If bitcoin fails to rise above the $19,560 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,000 zone. The next major support is near the $18,580 zone. The main support is near $18,500, below which there could be a sharp drop to $18,000. Any more losses might call for a drop towards the $17,500 support. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $19,000, followed by $18,580. Major Resistance Levels – $19,560, $20,000 and $20,500.

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