Bitcoin is displaying some bearish signs underneath the $24,000 resistance zone compared to the US Dollar. BTC is falling and may test the $22,000 sup
Bitcoin is displaying some bearish signs underneath the $24,000 resistance zone compared to the US Dollar. BTC is falling and may test the $22,000 support level. BITCOIN is gradually falling below the $24,000 pivot level.
The price currently trades below the $23,500 level and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $23,300. The pair could continue to fall towards the $22,000 support level in the short term.
Bitcoin’s Price has Begun to Fall
Bitcoin’s price failed to break through the $24,000 resistance level. Instead, the price began a new decline and fell below the $23,500 support level. There was a clear move below the 23.6 percent Fib retracement level of the upward relocation from the swing low of $20,695 to the high of $24,670. Underneath the $23,500 level and the 100 hourly simple moving average, the price is now showing bearish signs.
BTC/USD
On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $23,300. The current price action suggests that bitcoin may continue to fall, with an immediate support level of $22,800.
On the upside, the price is encountering resistance near the $23,300 level and the trend line. The next significant resistance is located near the $23,750 level and the 100 hourly simple moving average.
The main resistance level could be around $24,000. A close above the $24,000 resistance level could set the tone for a new uptick. In the aforementioned case, the price could rise to $24,500. The next major barrier is located near the $25,000 mark.
More Bitcoin Losses?
If Bitcoin fails to break through the $23,300 resistance level, it may continue to fall. On the downside, there is immediate support near the $22,800 level.
The next major support is now around $22,680. It is close to the 50% Fib retracement level of the up move from the swing low of $20,695 to the high of $24,670. Any further losses could push the price up to the $22,000 mark. Good luck!
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