Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

Bitcoin

Bitcoin is struggling below the $21,000 zone against the US Dollar. BTC could continue to move down unless there is a clear move above the $20,750 resistance zone.

Bitcoin started a fresh decline below the $21,000 and $20,500 levels.
The price is now trading below the $20,500 level and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline further if there is a clear move below the $20,000 zone.

Bitcoin Price Is Sliding
Bitcoin price remained in a bearish zone below the $21,000 pivot level. The bulls struggled to push the price higher and there was a bearish reaction below the $20,800 level.
The price traded below the 61.8% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. The decline was such that the bears even pushed the price below the $20,550 and $20,500 support levels.
It tested the 76.4% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. Bitcoin is now trading below the $20,500 level and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $20,520 level. The next key resistance is near the $20,750 zone. There is also a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
A clear move above the trend line resistance and then $21,000 could initiate a decent increase. In the stated case, the price could rise above the $21,250 level. The next major hurdle for the bulls might be near the $21,750 zone, above which the price may perhaps rise towards the $22,500 level.
More Losses in BTC?
If bitcoin fails to clear the $21,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,220 level.
A downside break below the $20,220 support zone could push the price further lower. The next major support sits near the $20,000 zone. Any more losses could send the price towards the $18,800 level or a new monthly low.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $20,220, followed by $20,000.
Major Resistance Levels – $20,520, $20,800 and $21,250.

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