Bitcoin’s rate of growth is slowing to $21,500 above the US Dollar. BTC must cross the $22,500 resistance level to prevent a further decline.
- Bitcoin has struggled to keep pace with $21,500-level and $21,600 level.
- The price has traded at or above the $21,500 mark and the simple moving average of 100 hours.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $22,000 (data feed Kraken).
- If the resistance level is close to $22,000, then the pair may see a significant increase.
Bitcoin Price Faces Several Hurdles
Bitcoin’s price began to move up slightly from its $21,000 support area. BTC managed to gradually move above $21,250 and $21,500.
Price even crossed the $21,650 threshold and broke the 100 hourly simple moving mean. The price moved above the 23.6% Fib level of the decline from the $24,416 swing low to the $20,797 high. But, bulls failed to build strength enough for an attempt at the $22,000 resistance.
Bitcoin is trading well above the $21,500 mark and the simple moving average of 100 hours. The upside is that there’s immediate resistance near the $21,750 or $21,800 levels.
Near the $22,000 mark is the first significant resistance to the upside. The hourly BTC/USD chart shows a significant bearish trendline with resistance close to $22,000. If the trend resistance is broken, the price might move to the $22,500 area.
Source: BTCUSD at TradingView.com
It could be as close to the $22,650 level that is next. This price is very close to the Fib retracement of 50% the downward movement from the $24,416 swing low to $20,797 high. The price could move towards the $24,000 barrier if it gains more.
BTC – A New Decline
Bitcoin could begin a new decline if it fails to break the $22,000 resistance level. The immediate support for the downside lies near the $21,500 mark and the 100-hourly simple moving average.
Next major support is at the $21,000 level. If the price falls below $21,000, it could trigger another downturn in the immediate future. If the previous scenario is true, then the price may fall to $20,000
Indicators technical
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $21,500, followed by $21,000.
Major Resistance Levels – $21,750, $22,000 and $22,650.
