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Trading Cryptocurrency BTC/USD (Bitcoin): Bitcoin (BTC) is down -8.22% to €18,100 in the last 24 hours. BTC dropped below the $20,000 level for the first time since two years. The price of $20,000 is coincided with the major support in the hourly time frame. Right now, BTC stood at $18,100 per 1USD, after touching a high of $21k earlier in the day. But the BTC has rebounded from the price of $21k to close below the price of $20,000 at the same time frame. Please, note that the prices of $21k and $20 coincide with the Fibonacci expansion of 23.6% and 00% respectively. Bitcoin has been in a volatile trading range for almost a week now, bouncing between $20k and $18k. Resistance of the Bitcoin pair is seen at the price of $20,000. The Bitcoin is trading below its resistance for a while. It is likely to trade in a lower range as long as it remains below resistance. Furthermore, it should bear in mind that resistance has set at $20,000. The Bitcoin pair has made an important significant movement from yesterday. For that my foresee will focus on bearish market in my technical outlook. The bias remains bearish in the nearest term testing $18,000 or lower. If the trend can break the first target at $18,000, the market will call for a strong bearish trend towards the next target at $17,000. However, stop loss has always been in consideration. Thus it will be useful to set it above the last double top at the level of $20,000 (notice that the major resistance today has set at $21,000).
Downtrend scenario :
On the downside, the $18,000 level represents support. The next major support is located near the $18,000, which the price may drift below towards the $18,000 support region.
Forecast:
The volatility is very high for that the BTC/USD is still moving between $20,000 and $18,00 in coming hours. Consequently, the market is likely to show signs of a bearish trend again. As a result, it is gainful to sell below this price of $19k with targets at $18k and $17k. However, the bullish trend is still expected for the upcoming days as long as the price is above $21k. Cryptocurrency trading is subject to high market risk. My analysis will make the best efforts to choose high-quality of my forecast, but will not be responsible for your trading losses. Please trade with caution.
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