Bitcoin is revealing a couple of bearish indications listed below the $24,000 resistance zone versus the United States Dollar. BTC is decreasing and may check the $22,000 assistance zone.
- Bitcoin is gradually moving lower listed below the $24,000 pivot level.
- The price is now trading listed below the $23,500 level and the 100 per hour basic moving average.
- There is a crucial bearish pattern line forming with resistance near $23,300 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set could continue to move down towards the $22,000 assistance in the near term.
Bitcoin Price Starts Decrease
Bitcoin price stopped working to begin a fresh boost above the $24,000 resistance zone. The price began a fresh decrease and settled listed below the $23,500 assistance zone.
There was a clear relocation listed below the 23.6% Fib retracement level of the upward relocation from the $20,695 swing low to $24,670 high. The price is now revealing bearish indications listed below the $23,500 level and the 100 per hour basic moving average.
There is likewise a crucial bearish pattern line forming with resistance near $23,300 on the per hour chart of the BTC/USD set. The present price action recommends bitcoin could continue to move down, with an instant assistance at $22,800.
On the advantage, the price is dealing with resistance near the $23,300 level and the pattern line. The next crucial resistance is near the $23,750 zone and the 100 per hour basic moving average.
Source: BTCUSD on TradingView.com
The primary resistance could be near the $24,000 zone. A close above the $24,000 resistance zone could set the rate for a fresh boost. In the specified case, the price might maybe increase towards the $24,500 level. The next significant resistance sits near the $25,000 level.
More Losses in BTC?
If bitcoin stops working to clear the $23,300 resistance zone, it could continue to move down. An instant assistance on the disadvantage is near the $22,800 level.
The next significant assistance now sits near the $22,680 level. It is near the 50% Fib retracement level of the upward relocation from the $20,695 swing low to $24,670 high. Any more losses may send out the price towards $22,000 level.
Technical signs:
Hourly MACD – The MACD is now acquiring rate in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now listed below the 50 level.
Major Support Levels – $22,680, followed by $22,000.
Major Resistance Levels – $23,300, $23,750 and $24,000.
