Bitcoin is struggling below $24,500 against the US Dollar. BTC could continue to move down below the $23,650 and $23,500 support levels.<\/p>\n
Bitcoin is slowly moving lower and trading well below the $25,000 level.
\nThe price is now trading below the $24,200 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend losses below the $23,650 and $23,500 support levels in the near term.<\/p>\n
Bitcoin Price Turns Red<\/p>\n
Bitcoin price started a slow and steady decline from the $25,000 resistance zone. BTC declined below the $24,650 and $24,500 levels to move into a short-term bearish zone.<\/p>\n
There was a break below the $24,000 level and the 100 hourly simple moving average. The price traded as low as $23,673 and is currently consolidating losses. On the upside, an immediate resistance is near the $24,000 level. It is near the 23.6% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low.<\/p>\n
There is also a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC\/USD pair. The first major resistance on the upside sits near the $24,250 level and the 100 hourly simple moving average.<\/p>\n
The next key resistance is near the $24,450 zone. It is near the 50% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low. A close above the $24,450 and $24,500 resistance levels might start another increase.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
In the stated case, the price may perhaps climb towards the $25,000 resistance. Any more gains might send the price towards the $25,800 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $24,450 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,675 level.<\/p>\n
The next major support now sits near the $23,450 level. A downside break and close below the $23,450 level might put a lot of pressure on the bulls. In the stated case, the price might decline towards the $22,750 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 $23,650, followed by $23,500.<\/p>\n
Major Resistance Levels \u2013 $24,020, $24,450 and $24,500.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin is struggling below $24,500 against the US Dollar. BTC could continue to move down below the $23,650 and $23,500 support levels.<\/p>\n
Bitcoin is slowly moving lower and trading well below the $25,000 level.
\nThe price is now trading below the $24,200 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend losses below the $23,650 and $23,500 support levels in the near term.<\/p>\n
Bitcoin Price Turns Red<\/p>\n
Bitcoin price started a slow and steady decline from the $25,000 resistance zone. BTC declined below the $24,650 and $24,500 levels to move into a short-term bearish zone.<\/p>\n
There was a break below the $24,000 level and the 100 hourly simple moving average. The price traded as low as $23,673 and is currently consolidating losses. On the upside, an immediate resistance is near the $24,000 level. It is near the 23.6% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low.<\/p>\n
There is also a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC\/USD pair. The first major resistance on the upside sits near the $24,250 level and the 100 hourly simple moving average.<\/p>\n
The next key resistance is near the $24,450 zone. It is near the 50% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low. A close above the $24,450 and $24,500 resistance levels might start another increase.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
In the stated case, the price may perhaps climb towards the $25,000 resistance. Any more gains might send the price towards the $25,800 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $24,450 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,675 level.<\/p>\n
The next major support now sits near the $23,450 level. A downside break and close below the $23,450 level might put a lot of pressure on the bulls. In the stated case, the price might decline towards the $22,750 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 $23,650, followed by $23,500.<\/p>\n
Major Resistance Levels \u2013 $24,020, $24,450 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-5721","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\/5721","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=5721"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5721\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=5721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=5721"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=5721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}