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BTC Takes A Major Hit, Falls Below $18K Level 

The $20,200 resistance area saw the price of bitcoin begin a new drop. Below the support levels of $20,000 and $19,500, there was a persistent drop.

Below the $19,500 mark and the 55 simple moving average, the drop accelerated (4-hours). Even lower than $19,000 was pushed by the bears. Near $18,527, a low was created, and the price is currently consolidating its losses.

Its current price is less than $20,000 and the 55 simple moving average (4-hours). The upward barrier on the upside is close to the $18,920 mark. It is quite close to the 23.6% Fibonacci retracement level of the decline from the swing high of $20,179 to the low of $18,527.

Near the $19,350 mark, there is the first significant resistance. It is close to the 50% Fibonacci retracement level of the decline from the swing high of $20,179 to the low of $18,527. On the 4-hours chart of the BTC/USD pair, a significant negative trend line with resistance near $19,550 is also developing.

Near the $19,800 mark and the 55 simple moving average (4-hours), or $20,000, is where the main resistance is located. The price may move toward the $21,000 range if there are any further gains.

If there is no upward breakout, the price could drop even lower, below $18,500. Near the $18,000 mark is the next significant support, below which the price may continue to decline quickly. In the hypothetical situation, the price might drop to around $16,800.

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