TA: Bitcoin Price Trims Gains, Key Breakdown Support Nearby

Bitcoin trimmed gains and declined below $21,000 against the US Dollar. BTC must stay above $20,500 to avoid a major decline in the near term. Bitcoin failed to stay above the $21,000 support and extended drop. The price is now trading below the $21,500 level and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $20,520 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another major decline if there is a clear move below $20,500. Bitcoin Price Reaches Support Bitcoin price attempted a close above the $22,000 level, but the bears remained active. As a result, there was a slow and steady decline below the $21,500 level. The price declined below the 50% Fib retracement level of the upward move from the $19,300 swing low to $22,498 high. The price is now trading below the $21,500 level and the 100 hourly simple moving average. It is testing the key $20,500 support zone. There is also a major bullish trend line forming with support near $20,520 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward move from the $19,300 swing low to $22,498 high. If bitcoin price stays above the trend line, it could correct above $20,800. On the upside, the price is facing resistance near the $20,800 and $20,850 levels. Source: BTCUSD on TradingView.com The next key resistance is near the $21,250 zone and the ...