Bitcoin failed to clear the $25,000 resistance zone against the US Dollar. BTC is declining and might break the $23,250 support zone.<\/p>\n
Bitcoin attempted a clear move towards the $25,000 resistance but failed.
\nThe price is now trading below the $24,000 level and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $23,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $24,200 resistance to continue higher in the near term.<\/p>\n
Bitcoin Price Signals Breakdown<\/p>\n
Bitcoin price gained pace above the $23,500 resistance zone. There was a clear move above the $24,000 level and the price even broke the $24,500 level.<\/p>\n
It attempted a clear move towards the $25,000 resistance but failed. A high was formed near $24,670 and the price started a fresh decline. There was a move below the $24,200 and $24,000 support levels to move into a short-term bearish zone.<\/p>\n
Bitcoin declined below the 23.6% Fib retracement level of the upward move from the $20,696 swing low to $24,670 high. Besides, there was a break below a key bullish trend line with support near $23,750 on the hourly chart of the BTC\/USD pair.<\/p>\n
The price is now trading below the $24,000 level and the 100 hourly simple moving average. The bulls are now protecting more losses below the $23,250 level.<\/p>\n
On the upside, the price is facing resistance near the $23,750 level and the 100 hourly simple moving average. The next key resistance is near the $24,200 zone. It also seems like there is a double top pattern forming with resistance near the $24,200 level.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
A close above the $24,200 resistance zone could set the pace for a fresh increase. In the stated case, the price may perhaps rise towards the $24,750 level. The next major resistance sits near the $25,000 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $24,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,240 level.<\/p>\n
The next major support now sits near the $22,750 level. It is near the 50% Fib retracement level of the upward move from the $20,696 swing low to $24,670 high. Any more losses might send the price towards $22,000 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $23,240, followed by $22,800.<\/p>\n
Major Resistance Levels \u2013 $23,750, $24,000 and $24,200.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin failed to clear the $25,000 resistance zone against the US Dollar. BTC is declining and might break the $23,250 support zone.<\/p>\n
Bitcoin attempted a clear move towards the $25,000 resistance but failed.
\nThe price is now trading below the $24,000 level and the 100 hourly simple moving average.
\nThere was a break below a key bullish trend line with support near $23,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $24,200 resistance to continue higher in the near term.<\/p>\n
Bitcoin Price Signals Breakdown<\/p>\n
Bitcoin price gained pace above the $23,500 resistance zone. There was a clear move above the $24,000 level and the price even broke the $24,500 level.<\/p>\n
It attempted a clear move towards the $25,000 resistance but failed. A high was formed near $24,670 and the price started a fresh decline. There was a move below the $24,200 and $24,000 support levels to move into a short-term bearish zone.<\/p>\n
Bitcoin declined below the 23.6% Fib retracement level of the upward move from the $20,696 swing low to $24,670 high. Besides, there was a break below a key bullish trend line with support near $23,750 on the hourly chart of the BTC\/USD pair.<\/p>\n
The price is now trading below the $24,000 level and the 100 hourly simple moving average. The bulls are now protecting more losses below the $23,250 level.<\/p>\n
On the upside, the price is facing resistance near the $23,750 level and the 100 hourly simple moving average. The next key resistance is near the $24,200 zone. It also seems like there is a double top pattern forming with resistance near the $24,200 level.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
A close above the $24,200 resistance zone could set the pace for a fresh increase. In the stated case, the price may perhaps rise towards the $24,750 level. The next major resistance sits near the $25,000 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $24,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,240 level.<\/p>\n
The next major support now sits near the $22,750 level. It is near the 50% Fib retracement level of the upward move from the $20,696 swing low to $24,670 high. Any more losses might send the price towards $22,000 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $23,240, followed by $22,800.<\/p>\n
Major Resistance Levels \u2013 $23,750, $24,000 and $24,200.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-4614","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/4614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=4614"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/4614\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=4614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=4614"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=4614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}