The price of Bitcoin then came under pressure Ripple’s XRP massive drop below $ 0.3000 against the US dollar. BTC traded below USD 23,000, but it is still well above the USD 22,000 support.
- Bitcoin started a fresh decline after failing to clear the USD 24,000 resistance zone.
- The price is currently trading below the USD 23,000 support and the 100 easy hourly moving average.
- There was a break below a major bullish trendline with support at USD 23,350 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair is likely to remain well supported on the downside near USD 22,350 and USD 22,000.
Bitcoin price is slowly falling
There was another attempt by the bitcoin price to get the $ 24,000 resistance level. However, BTC struggled to gain momentum and started a fresh decline from the swing high of $ 24,086.
There was a break below the USD 23,500 and USD 23,250 support levels. There was also a break below a major bullish trendline with support near USD 23,350 on the hourly chart of the BTC / USD pair. The decline gained momentum to below $ 23,000 and the price settled below the 100-hour simple moving average.
It traded as low as USD 22,629 and is currently correcting higher. An initial resistance is near USD 22,950. It is close to the 23.6% Fib retracement level of the recent drop from the high of $ 24,081 to the low of $ 22,629.
Source: BTCUSD on TradingView.com
A bearish resistance trendline is also forming at USD 23,000 on the same chart. The next big resistance is near the USD 23,360 level and the 100 easy hourly moving average. The 50% Fib retracement level of the recent decline from the high of $ 24,081 to the low of $ 22,629 is also near $ 23,360.
Bitcoin price must break the trend line and then rise faster than USD 23,360 to start another rise. The main hurdle for the bulls is still near the $ 24,000 zone.
More losses in BTC?
If bitcoin doesn’t clear the USD 23,000 and USD 23,360 resistance levels, there is a risk of more downside. An initial support on the downside is near the USD 22,650 zone.
The first major support is near the USD 22,350 level. The main support is still near the USD 22,000 level, below which there is a risk of continued downward movement in the coming sessions.
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well below the 50 level.
Key Support Levels – USD 22,350, followed by USD 22,000.
Major Resistance Levels – USD 23,000, USD 23,360 and USD 24,000.