[ad_1]
- Bitcoin price started a new decline from the $24,000 zone against the US Dollar.
- The price is now trading below the $23,000 and the 55 (4-hour) simple moving average.
- There is a major bearish trend forming with resistance near $22,500 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could extend its losses towards the $21,500 and $21,000 levels.
Bitcoin price dipped below $23,500 against the US Dollar. BTC could extend losses if it stays below the $22,500 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a new decline from the $24,000 resistance zone. A high formed near $23,999 before the price started a steady decline. There was a clear move below the $23,500 and $23,200 support levels.
There was a move below the $22,500 level and the 55 (4-hour) simple moving average. The price is trading as low as $21,851 and is currently consolidating losses. It is now trading well below $23,000 and the 55 (4-hour) simple moving average.
Immediate resistance to the upside is near the $22,350 level. It was close to the 23.6% Fib retracement level of the move down from the swing high of $23,999 to low of $21,851.
There is also a major bearish trend line forming with resistance near $22,500 on the 4-hour chart of the BTC/USD pair. The next major resistance may be near the $22,900 zone. It was approaching the 50% Fib retracement level of the move down from the swing high of $23,999 to low of $21,851.
A clear move above the $22,900 level might send the price towards $23,200, above which it might advance towards the $24,000 level. Further gains might push the price towards the $24,500 zone.
If there is no upside break, the price may drop below the $21,850 level. The first major support is approaching $21,500. The next major support point is near the $21,200 level, below which prices could go lower. In the stated case, the price could fall towards the $20,500 level. Another loss might send the price towards the $20,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $23,000 and the 55 (4-hour) simple moving average. Overall, the price may extend its losses towards the $21,500 and $21,000 levels.
Technical Indicators
4-hour MACD – MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – RSI is now below the 50 level.
Key Support Levels – $21,850 and $21,200.
Major Resistance Levels – $22,350, $22,900 and $23,500.
[ad_2]
Source link
