Bitcoin price started a downside correction from $21,000 against the US Dollar. BTC could start a fresh increase if it remains stable above the $20,000 support. Bitcoin is slowly moving lower from the $21,000 resistance zone. The price is trading below $20,500 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $20,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another upward move if it stays above the $20,000 support zone. Bitcoin Price Starts Downside Correction Bitcoin price made another attempt to clear the $21,000 resistance zone. However, BTC failed to gain momentum above the $21,000 resistance zone. A high was formed near $21,074 and the price started a fresh downside correction. There was a move below the $20,600 and $20,500 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $20,029 swing low to $21,074 high. Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $20,700 on the hourly chart of the BTC/USD pair. The price is now holding the $20,450 support zone. It is close to the 61.8% Fib retracement level of the upward move from the $20,029 swing low to $21,074 high. On the upside, an immediate resistance is near the $20,600 zone and the 100 hourly simple moving average. Source: BT...
