The bitcoin price has remained below $21,000 for the past 24 hours, as the bulls have lost steam. The coin has lost 1.70% of its value in the last day.
Weekend trade provided an early comeback above $21,000, but this was short-lived as Bitcoin bulls failed to provide the volume required to hold higher levels. Bitcoin's price has stabilised behind the difficult resistance of $21,000. If BTC maintains its sideways path, the bulls may lose momentum and fall to the nearest support line.
On the one-day chart, the coin's technical outlook remains negative. BTC touched the upper rising channel line and $21,000 major resistance, but was unable to close above the $21,000 level and selling was seen from this level. As the coin is trading below 100 days MA. The trading volume of bitcoin has decreased in the previous 24 hours, implying a fast burn-off of the recent spark. The coin's demand has dropped significantly.
Bitcoin's price began a downward decline against the US dollar around $21,000. If BTC holds stable above the $20,000 barrier, it may begin a new uptrend. Bitcoin pricing made another effort to break beyond the $21,000 barrier. However, Bitcoin failed to gain momentum above the $21,000 barrier level.
A high was set near $21,080, and the price began a new downtrend. The price fell below the $20,600 and $20,500 thresholds. Price was driven below the 50% Fib retracement line of the upward run from the $20,000 swing low to the $21,080 high by the bears.
Bitcoin is currently trading below the $20,600 level and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a significant descending channel is emerging with resistance at $20,700. The price is now maintaining the $20,450 support level. It is close to the 61.8% Fib retracement level of the upward run from the swing low of $20,000 to the high of $21,080.
According to Price Analysis, the market capitalization of this BTC is projected to be $393,078,590,792. The coin's 24-hour trading volume is roughly $33,215,225,437. BTC market capitalization has fallen by 1.67%. However, transaction volume fell by 15.52% during intraday trading.
On the upside, the 100 hourly simple moving average and the $20,600 zone provide immediate resistance. The first significant barrier is found near the $20,700 level and the channel trend line. The next significant barrier is still around $21,000. A clear break over the $21,000 resistance level may signal the start of a sustained rise towards the $22,000 level. Any more increases might lead to a challenge of the $22,500 resistance level.
If bitcoin fails to break through the $20,700 barrier level, it may continue to fall. On the downside, there is immediate support at the $20,200 level. The next big support level is at $20,200. The primary support is placed at around $20,000. A breach below $20,500 on the downside might pave the way for a significant drop in the near term. A close below $20,500 might open the door for a test of the $20,000 barrier.
KEY LEVELS :
RESISTANCE LEVEL: $21,000-$21,400
SUPPORT LEVEL: $20,000-$19,600
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