Bitcoin price will fall to these levels if bulls continue evading support
- Bitcoin price lost support from the $19,000 level during the Asian trading session.
- BTC has been rejected from the recently breached 8-day exponential moving average.
- Invalidation of the bearish thesis is a breach above $20,300.
Bitcoin price continues to show weakness. Key levels have been defined to gain perspective on the strength of the decline.
Bitcoin price is losing ground.
Bitcoin price is currently facing resistance near the mid-$19,000 area. On October 19, the bulls lost support from the psychological $19,000 level and fell into the $18,900 zone during the Asian session. The peer-to-peer digital currency rebounded during the New York session on October 20 but still has more resistance barriers to overcome
Bitcoin price currently auctions at $19,276. The bears rejected the uptrend attempt at the 8-day exponential moving average (EMA). The Relative Strength Index shows a bearish divergence between the last two rebounds higher, which compounds the idea that BTC will continue to fall.
BTC/USDT 8-Hour Chart
Bitcoin price will likely retest the $18,900 zone in the coming hours. Failure to hold support could lead to a decline towards $18,700 and possibly $18,200.
Invalidation of the bearish thesis remains above $20,300. If the bulls breach this level, an additional uptrend hike towards $23,410 could occur, resulting in a 21% increase from the current Bitcoin price.
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
