Bitcoin extended losses below the $22,650 support against the US Dollar. BTC is attempting another recovery and might face hurdles near $23,100.<\/p>\n
Bitcoin remained in a bearish zone and extended losses below the $23,500 level.
\nThe price is now trading below the $23,000 level and the 100 hourly simple moving average.
\nThere was a break above a short-term bearish trend line with resistance near $22,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $23,100 resistance to start a steady increase in the near term.<\/p>\n
Bitcoin Price Faces Resistance<\/p>\n
Bitcoin price started a fresh decline after it faced sellers near the $23,570 level. The price gained bearish momentum after it broke the $23,000 support zone.<\/p>\n
It even traded below the $22,800 level and the 100 hourly simple moving average. Finally, there was a spike below the $22,650 level. However, downsides were limited and the price traded as low as $22,400. The price started a fresh recovery wave above the $22,800 resistance zone.<\/p>\n
Bitcoin cleared the 23.6% Fib retracement level of the downward move from the $23,570 swing high to $22,400 low. Besides, there was a break above a short-term bearish trend line with resistance near $22,850 on the hourly chart of the BTC\/USD pair.<\/p>\n
It is now trading below the $23,000 level and the 100 hourly simple moving average. On the upside, bitcoin price is facing resistance near the $23,000 level and the 100 hourly SMA.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
The 50% Fib retracement level of the downward move from the $23,570 swing high to $22,400 low is also near the $23,000 zone. The next key resistance is near the $23,300 zone. A close above the $23,500 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $23,500 resistance.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $23,000 resistance zone and the 100 hourly SMA, 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 $22,400 level. A close below the $22,400 level might start a move towards $22,000. Any more losses might send the price towards $21,200 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $22,800, followed by $22,400.<\/p>\n
Major Resistance Levels \u2013 $23,000, $23,300 and $24,500.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin extended losses below the $22,650 support against the US Dollar. BTC is attempting another recovery and might face hurdles near $23,100.<\/p>\n
Bitcoin remained in a bearish zone and extended losses below the $23,500 level.
\nThe price is now trading below the $23,000 level and the 100 hourly simple moving average.
\nThere was a break above a short-term bearish trend line with resistance near $22,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair must clear the $23,100 resistance to start a steady increase in the near term.<\/p>\n
Bitcoin Price Faces Resistance<\/p>\n
Bitcoin price started a fresh decline after it faced sellers near the $23,570 level. The price gained bearish momentum after it broke the $23,000 support zone.<\/p>\n
It even traded below the $22,800 level and the 100 hourly simple moving average. Finally, there was a spike below the $22,650 level. However, downsides were limited and the price traded as low as $22,400. The price started a fresh recovery wave above the $22,800 resistance zone.<\/p>\n
Bitcoin cleared the 23.6% Fib retracement level of the downward move from the $23,570 swing high to $22,400 low. Besides, there was a break above a short-term bearish trend line with resistance near $22,850 on the hourly chart of the BTC\/USD pair.<\/p>\n
It is now trading below the $23,000 level and the 100 hourly simple moving average. On the upside, bitcoin price is facing resistance near the $23,000 level and the 100 hourly SMA.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
The 50% Fib retracement level of the downward move from the $23,570 swing high to $22,400 low is also near the $23,000 zone. The next key resistance is near the $23,300 zone. A close above the $23,500 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $23,500 resistance.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $23,000 resistance zone and the 100 hourly SMA, 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 $22,400 level. A close below the $22,400 level might start a move towards $22,000. Any more losses might send the price towards $21,200 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $22,800, followed by $22,400.<\/p>\n
Major Resistance Levels \u2013 $23,000, $23,300 and $24,500.<\/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-5003","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\/5003","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=5003"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5003\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=5003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=5003"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=5003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}