Blue rectangle- resistance
Red line- trend line
Black line -expected path
Bitcoin is trading below $20,000. After making a new lower low around $18,240, Bitcoin price bounced higher towards previous support which is now resistance. Price is getting rejected at $19,600-$19,800 level. As long as price is trading below $20,000 we expect the selling pressures to continue and price to drift lower towards $16,000. Tomorrow's policy announcement by the Fed is expected to increase volatility in the markets and Bitcoin is expected to be affected as well. Technically medium-term and short-term trend remain bearish.
