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TA: Bitcoin Price Showing...

Bitcoin declined further below the $23,000 level against the US Dollar. BTC is moving lower and...

TA: Bitcoin Price Showing Early Signs of Fresh Downtrend, But $22.5K Is The Key

TA: Bitcoin Price Showing Early Signs of Fresh Downtrend, But $22.5K Is The Key

Bitcoin declined further below the $23,000 level against the US Dollar. BTC is moving lower and remains at a risk of more losses if it breaks the $22,000 support.

assetsfx

Bitcoin extended losses and declined below the $23,200 support. The price now trades below the $23,500 level and the 100 hourly simple moving average.


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There is a key bearish trend line forming with resistance near $23,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses if there is a clear move below the $22,500 support in the near term.

Bitcoin Price Gains Bearish Momentum

Bitcoin price settled below the $24,000 level to move into a bearish zone. BTC gained bearish momentum below the $23,500 and $23,200 support levels.

It opened the doors for more losses below the $23,000 level and the 100 hourly simple moving average. Finally, the price found support near the $22,700 zone.
 

A low was formed near $22,715, and the price is now consolidating losses. Bitcoin price is now trading below the $23,200 level and the 100 hourly simple moving average.

On the upside, immediate resistance is near the $23,150 level. It is near the 23.6% Fib retracement level of the vital drop from the $24,440 swing high to $22,715 low.
 

The first major resistance on the upside sits near the $23,550 level. It is near the 50% Fib retracement level of the key drop from the $24,440 swing high to $22,715 low.

There is also a key bearish trend line forming with resistance near $23,550 on the hourly chart of the BTC/USD pair. The main resistance is forming near the $23,750 zone and the 100 hourly simple moving average.
 

A close above the $23,550 and $23,800 resistance levels might start another increase. The price may climb above the $24,000 resistance in the stated case. Any more gains might send the price towards the $24,500 level.

More Losses in BTC?

If bitcoin fails to clear the $23,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $22,715 level.


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The next significant support now sits near the $22,500 level. A downside break and a close below the $22,500 level might push the price further into a bearish zone. The price might decline towards the $21,200 level in the stated case. - newsbtc


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