Connect with us

Blockchain

TA: Bitcoin Price At Major Risk of A Breakdown Below $20K: Here’s Why

Avatar Of Rajesh Khanna

Published

on

Bitcoin
google news

Bitcoin settled below the $21,000 support zone against the US Dollar. BTC is showing bearish signs and remains at a risk of a major breakdown below $20,000.

  • Bitcoin struggled to correct higher and stayed below the $21,000 resistance zone.
  • The price is now trading below $20,750 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $20,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is consolidating above the $20,000 level and might start another decline.

Bitcoin Price Faces Sellers

Bitcoin price remained in a bearish zone below the $21,000 level. There was a short-term recovery wave, but the bears were active near the $20,300 and $20,350 levels.

The price started a fresh decline and traded below the $20,000 level. It even broke the recent swing low and traded to a new weekly low at $19,619. The price is now trading below $20,750 and the 100 hourly simple moving average.

There is also a key bearish trend line forming with resistance near $20,250 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $20,300 level. It is near the 23.6% Fib retracement level of the key drop from the $22,790 swing high to $19,619 low.

A clear move above the trend line and $20,300 might send the price towards the $20,750 resistance. The next major resistance sits near the $21,200 level. It coincides with the 50% Fib retracement level of the key drop from the $22,790 swing high to $19,619 low.

Source: BTCUSD on TradingView.com

A close above the $21,200 resistance might start a fresh increase. In the stated case, the price may perhaps rise towards $22,000. Any more gains might send the price towards the $22,450 resistance zone.

More Losses in BTC?

If bitcoin fails to clear the $20,300 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,000 zone.

The next major support is near the $19,600 and $19,500 levels. A downside break below the $19,500 level might send the price towards the $18,500 support.

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 – $20,000, followed by $19,500.

Major Resistance Levels – $20,300, $20,750 and $21,200.

google news
Advertisement

Blockchain

Uniswap Could Slide Below Support Zone

Avatar Of Rajesh Khanna

Published

on

Uniswap
google news

On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.

It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag.

Statistics show that there is a moderately high relationship between UNI and Bitcoin.

Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action.

As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.

As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday.

Uniswap Indicator: Bearish

UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.

The momentum indicator is at a bearish low at the moment.

Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.

As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.

During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.

Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.

A Retreat, Or Advance?

A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.

A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.

However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.

This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.

However, UNI has struggled to surpass the $6.49 level of resistance.

A breach of this resistance might initiate a gradual rally toward the $6.7 price level.

As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.

UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com

Featured image from Brightnode, Chart: TradingView.com

google news
Continue Reading

Blockchain

Binance Registers as Financial Service Provider in New Zealand

Avatar Of Rajesh Khanna

Published

on

Binance Registers As Financial Service Provider In New Zealand
google news