Bitcoin dropped below the $22,000 resistance zone in relation to the US Dollar. BTC has made some gains and upsides may not be as great above $22,500 resistance.
- Bitcoin suffered losses, falling below the $22,000 level.
- The price currently trades below the $22,000 mark and the 100 hourly simple moving mean.
- A major bearish trend line is emerging with resistance at $21,550 (data feed Kraken).
- It could lose more if the price of the pair remains below $21,500 and 22,000 respectively.
Bitcoin price plunges to over 8%
BTC price fell below the $23,000 level. BTC lost its bearish momentum just below $22,200, and $22,500 levels.
This led to the price falling below the $22,000 level. The price even soared to below $21,000 and traded at as low as $20797. It is currently correcting its losses at the $21,000 mark. Now, it is trading below the $22,000 mark and the 100 hourly simple moving mean.
Recent price movements have seen bitcoin rise above $21,250. Bitcoin price was not able to recover from its recent drop of $24,414 swing high, which had been $20,797, at 23.6% Fib Retracement.
A resistance level near $21,500 is now the nearest support. A major bearish trendline is also in place with resistance close to $21,550, as shown on the hourly BTC/USD chart. Near the $22,000 mark and the 100-hourly simple moving average is the first significant resistance to the upside.
Source: BTCUSD at TradingView.com
Resistance is found near the $22,650 area. This resistance is close to the 50% Fib Retracement level for the recent fall from the $24,414 swing high and $20,797 low. An increase might be initiated if the levels are close to $22,500 and $22,650.
Bitcoin could move lower if it fails to break the $22,000 resistance level. Support for the downside lies near $21,250.
Now, the 20,800 level is the nearest major support. The potential for a sharp fall could occur if the price falls below $20,800. The price could fall towards $20,000 in the above scenario.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $21,250, followed by $20,800.
Major Resistance Levels – $21,550, $22,000 and $22,650.