Bitcoin declined closely beneath the $22,000 assist zone in opposition to the US Dollar. BTC is correcting good points, however upsides may be restricted above the $22,500 resistance.
- Bitcoin prolonged losses and declined beneath the $22,000 assist.
- The worth is now buying and selling beneath the $22,000 stage and the 100 hourly easy transferring common.
- There is a significant bearish development line forming with resistance close to $21,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might lengthen losses if it stays beneath the $21,500 and $22,000 ranges.
Bitcoin Price Dives over 8%
Bitcoin worth began a major decline beneath the $23,000 assist zone. BTC gained bearish momentum beneath the $22,500 and $22,200 assist ranges.
The decline was such that the value settled beneath the $22,000 assist zone. It even spiked beneath the $21,000 stage and traded as little as $20,797. The worth is now correcting losses above the $21,000 stage. It is now buying and selling beneath the $22,000 stage and the 100 hourly simple moving average.
Recently, there was a push above the $21,250 stage. However, bitcoin worth struggled close to the 23.6% Fib retracement stage of the latest decline from the $24,414 swing excessive to $20,797 low.
On the upside, an instantaneous resistance is close to the $21,500 stage. There can also be a significant bearish development line forming with resistance close to $21,550 on the hourly chart of the BTC/USD pair. The first main resistance on the upside sits close to the $22,000 stage and the 100 hourly easy transferring common.
Source: BTCUSD on TradingView.com
The major resistance is forming close to the $22,650 zone. It is close to the 50% Fib retracement stage of the latest decline from the $24,414 swing excessive to $20,797 low. An in depth above the $22,500 and $22,650 resistance ranges may begin one other improve.
More Losses in BTC?
If bitcoin fails to clear the $22,000 resistance zone, it might proceed to maneuver down. An quick assist on the draw back is close to the $21,250 stage.
The subsequent main assist now sits close to the $20,800 stage. A draw back break and shut beneath the $20,800 stage may spark one other sharp decline. In the acknowledged case, the value may decline in the direction of the $20,000 stage.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $21,250, adopted by $20,800.
Major Resistance Levels – $21,550, $22,000 and $22,650.
