Bitcoin is facing a key resistance near the $23,500 zone against the US Dollar. BTC must clear $23,500 to avoid a fresh bearish reaction in the near term.<\/p>\n
Bitcoin is struggling to rise and trading 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 key rising channel forming with support near $22,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $23,500 resistance to start a decent increase in the near term.<\/p>\n
Bitcoin Price Upsides Capped<\/p>\n
Bitcoin price gained pace after it broke the $23,500 support zone. The price even traded below the $23,000 level to move into a short-term bearish zone.<\/p>\n
However, the bulls protected the $22,650 zone. The 50% Fib retracement level of the upward move from the $20,692 swing low to $24,671 high acted as a support. The price formed a base and recently recovered losses above the $23,000 level.<\/p>\n
Bitcoin climbed above the 23.6% Fib retracement level of the downward move from the $24,699 swing high to $22,649 low. The price even spiked above the $23,400 level, but it faced a strong resistance near $23,500.<\/p>\n
It is now trading below the $23,200 level and the 100 hourly simple moving average. There is also a key rising channel forming with support near $22,800 on the hourly chart of the BTC\/USD pair. On the upside, bitcoin price is facing resistance near the $23,200 level and the 100 hourly SMA.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $23,500 zone. A close above the $23,500 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $24,215 level. The next major resistance sits near the $24,700 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $23,500 resistance zone and the channel resistance, it could continue to move down. An immediate support on the downside is near the $22,800 level.<\/p>\n
The next major support now sits near the $22,640 level. A close below the $22,640 level might spark a sharp decline to $21,750. Any more losses might send the price towards $21,000 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 near the 50 level.<\/p>\n
Major Support Levels \u2013 $22,800, followed by $22,500.<\/p>\n
Major Resistance Levels \u2013 $23,200, $23,500 and $24,180.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is facing a key resistance near the $23,500 zone against the US Dollar. BTC must clear $23,500 to avoid a fresh bearish reaction in the near term.<\/p>\n
Bitcoin is struggling to rise and trading 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 key rising channel forming with support near $22,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $23,500 resistance to start a decent increase in the near term.<\/p>\n
Bitcoin Price Upsides Capped<\/p>\n
Bitcoin price gained pace after it broke the $23,500 support zone. The price even traded below the $23,000 level to move into a short-term bearish zone.<\/p>\n
However, the bulls protected the $22,650 zone. The 50% Fib retracement level of the upward move from the $20,692 swing low to $24,671 high acted as a support. The price formed a base and recently recovered losses above the $23,000 level.<\/p>\n
Bitcoin climbed above the 23.6% Fib retracement level of the downward move from the $24,699 swing high to $22,649 low. The price even spiked above the $23,400 level, but it faced a strong resistance near $23,500.<\/p>\n
It is now trading below the $23,200 level and the 100 hourly simple moving average. There is also a key rising channel forming with support near $22,800 on the hourly chart of the BTC\/USD pair. On the upside, bitcoin price is facing resistance near the $23,200 level and the 100 hourly SMA.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The next key resistance is near the $23,500 zone. A close above the $23,500 resistance zone could set the pace for a decent increase. In the stated case, the price may perhaps rise towards the $24,215 level. The next major resistance sits near the $24,700 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $23,500 resistance zone and the channel resistance, it could continue to move down. An immediate support on the downside is near the $22,800 level.<\/p>\n
The next major support now sits near the $22,640 level. A close below the $22,640 level might spark a sharp decline to $21,750. Any more losses might send the price towards $21,000 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 near the 50 level.<\/p>\n
Major Support Levels \u2013 $22,800, followed by $22,500.<\/p>\n
Major Resistance Levels \u2013 $23,200, $23,500 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-4913","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\/4913","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=4913"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/4913\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=4913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=4913"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=4913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}