Bitcoin is struggling to climb above the $24,000 resistance zone against the US Dollar. BTC is declining and might continue to move down towards the $22,000 support.<\/p>\n
Bitcoin is showing bearish signs below the $23,500 level.
\nThe price is now trading below the $23,200 level and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $23,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to slide and might even test the $22,000 support in the near term.<\/p>\n
Bitcoin Price Signals Decline<\/p>\n
Bitcoin price started a steady decline from well above the $24,000 resistance zone. The price declined below the $23,500 and $23,250 to move into a short-term bearish zone.<\/p>\n
The declined gained pace below the 100 hourly simple moving average. It even tested the 50% Fib retracement level of the key increase from the $20,695 swing low to $24,671 high. The price is now struggling below the $23,200 level and the 100 hourly simple moving average.<\/p>\n
There is also a major bearish trend line forming with resistance near $23,250 on the hourly chart of the BTC\/USD pair. However, it seems like the bulls are protecting the $22,680 support zone.<\/p>\n
On the upside, bitcoin price is facing resistance near the $23,250 level and the trend line. The next key resistance is near the $23,520 zone and the 100 hourly simple moving average.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The main resistance could be near the $24,180 zone. A close above the $24,180 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $24,650 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 $23,250 resistance zone and the trend line, it could continue to move down. An immediate support on the downside is near the $22,680 level.<\/p>\n
The next major support now sits near the $22,210 level. It is near the 61.8% Fib retracement level of the key increase from the $20,695 swing low to $24,671 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 gaining 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 $22,680, followed by $22,210.<\/p>\n
Major Resistance Levels \u2013 $23,250, $23,520 and $24,180.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is struggling to climb above the $24,000 resistance zone against the US Dollar. BTC is declining and might continue to move down towards the $22,000 support.<\/p>\n
Bitcoin is showing bearish signs below the $23,500 level.
\nThe price is now trading below the $23,200 level and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $23,250 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to slide and might even test the $22,000 support in the near term.<\/p>\n
Bitcoin Price Signals Decline<\/p>\n
Bitcoin price started a steady decline from well above the $24,000 resistance zone. The price declined below the $23,500 and $23,250 to move into a short-term bearish zone.<\/p>\n
The declined gained pace below the 100 hourly simple moving average. It even tested the 50% Fib retracement level of the key increase from the $20,695 swing low to $24,671 high. The price is now struggling below the $23,200 level and the 100 hourly simple moving average.<\/p>\n
There is also a major bearish trend line forming with resistance near $23,250 on the hourly chart of the BTC\/USD pair. However, it seems like the bulls are protecting the $22,680 support zone.<\/p>\n
On the upside, bitcoin price is facing resistance near the $23,250 level and the trend line. The next key resistance is near the $23,520 zone and the 100 hourly simple moving average.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The main resistance could be near the $24,180 zone. A close above the $24,180 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $24,650 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 $23,250 resistance zone and the trend line, it could continue to move down. An immediate support on the downside is near the $22,680 level.<\/p>\n
The next major support now sits near the $22,210 level. It is near the 61.8% Fib retracement level of the key increase from the $20,695 swing low to $24,671 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 gaining 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 $22,680, followed by $22,210.<\/p>\n
Major Resistance Levels \u2013 $23,250, $23,520 and $24,180.<\/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-4825","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\/4825","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=4825"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/4825\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=4825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=4825"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=4825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}