Bitcoin declined further below the $23,000 level against the US Dollar. BTC is moving lower and remains at a risk of more losses if it breaks the $22,000 support.<\/p>\n
Bitcoin extended losses and declined below the $23,200 support.
\nThe price is now trading below the $23,500 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $23,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend losses if there is a clear move below the $22,500 support in the near term.<\/p>\n
Bitcoin Price Gains Bearish Momentum<\/p>\n
Bitcoin price settled below the $24,000 level to move into a bearish zone. BTC gained bearish momentum below the $23,500 and $23,200 support levels.<\/p>\n
It opened the doors for more losses below the $23,000 level and the 100 hourly simple moving average. Finally, the price found support near the $22,700 zone. A low was formed near $22,715 and the price is now consolidating losses.<\/p>\n
Bitcoin price is now trading below the $23,200 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $23,150 level. It is near the 23.6% Fib retracement level of the key drop from the $24,440 swing high to $22,715 low.<\/p>\n
The first major resistance on the upside sits near the $23,550 level. It is near the 50% Fib retracement level of the key drop from the $24,440 swing high to $22,715 low.<\/p>\n\n
Source: BTCUSD on TradingView.com<\/p>\n
There is also a key bearish trend line forming with resistance near $23,550 on the hourly chart of the BTC\/USD pair. The main resistance is forming near the $23,750 zone and the 100 hourly simple moving average. A close above the $23,550 and $23,800 resistance levels might start another increase.<\/p>\n
In the stated case, the price may perhaps climb above the $24,000 resistance. Any more gains might send the price towards the $24,500 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $23,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $22,715 level.<\/p>\n
The next major support now sits near the $22,500 level. A downside break and close below the $22,500 level might could push the price further into a bearish zone. In the stated case, the price might decline towards the $21,200 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 $22,715, followed by $22,500.<\/p>\n
Major Resistance Levels \u2013 $23,200, $23,550 and $23,800.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Bitcoin declined further below the $23,000 level against the US Dollar. BTC is moving lower and remains at a risk of more losses if it breaks the $22,000 support.<\/p>\n
Bitcoin extended losses and declined below the $23,200 support.
\nThe price is now trading below the $23,500 level and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $23,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could extend losses if there is a clear move below the $22,500 support in the near term.<\/p>\n
Bitcoin Price Gains Bearish Momentum<\/p>\n
Bitcoin price settled below the $24,000 level to move into a bearish zone. BTC gained bearish momentum below the $23,500 and $23,200 support levels.<\/p>\n
It opened the doors for more losses below the $23,000 level and the 100 hourly simple moving average. Finally, the price found support near the $22,700 zone. A low was formed near $22,715 and the price is now consolidating losses.<\/p>\n
Bitcoin price is now trading below the $23,200 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $23,150 level. It is near the 23.6% Fib retracement level of the key drop from the $24,440 swing high to $22,715 low.<\/p>\n
The first major resistance on the upside sits near the $23,550 level. It is near the 50% Fib retracement level of the key drop from the $24,440 swing high to $22,715 low.<\/p>\n
Source: BTCUSD on TradingView.com<\/p>\n
There is also a key bearish trend line forming with resistance near $23,550 on the hourly chart of the BTC\/USD pair. The main resistance is forming near the $23,750 zone and the 100 hourly simple moving average. A close above the $23,550 and $23,800 resistance levels might start another increase.<\/p>\n
In the stated case, the price may perhaps climb above the $24,000 resistance. Any more gains might send the price towards the $24,500 level.<\/p>\n
More Losses in BTC?<\/p>\n
If bitcoin fails to clear the $23,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $22,715 level.<\/p>\n
The next major support now sits near the $22,500 level. A downside break and close below the $22,500 level might could push the price further into a bearish zone. In the stated case, the price might decline towards the $21,200 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 $22,715, followed by $22,500.<\/p>\n
Major Resistance Levels \u2013 $23,200, $23,550 and $23,800.<\/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-5906","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\/5906","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=5906"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5906\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=5906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=5906"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=5906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}