Bitcoin’s bearish sign is below $24,000 resistance against the US Dollar. BTC may test the $22,000 support area as it is falling.
- Bitcoin is gradually moving below the $24,000 pivot point.
- The price currently trades below the $23,500 mark and the 100 hourly simple moving mean.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $23,300 (data feed Kraken).
- In the short term, the pair may continue to fall towards $22,000 support.
Bitcoin price begins to fall
The Bitcoin price did not rise above $24,000. After a new decline, the price settled below $23,500.
Clear movement below 23.6% Fib Retracement Level of the upmove from $20,695 low to $24,670 top. Now, the price has fallen below $23,500 and the 100-hourly simple moving average.
On the hourly charts of BTC/USD, there is a bearish trend line that forms with resistance at $23,300. Current price action indicates that bitcoin may continue falling, with support near $22,800.
Surprisingly, resistance is near the trend line at $23,300 and the level of the trendline. Next is resistance near $23,750 and the 100-hourly simple moving average.
Source: BTCUSD from TradingView.com
A resistance zone of around $24,000 could prove to be the most important. The pace could be set for an additional increase if the resistance zone is close to $24,000. The price could rise to $24,500 in this scenario. Near the $25,000 mark is the next significant resistance.
BTC: More losses
It could fall further if bitcoin does not clear the $23,300 barrier. Support for the downside lies near $22,800.
It is currently at the $22,680 support level. The Fib level is close to the 50% Fib Retracement level for the upward movement from the $20.695 swing low, to the $24,670 high. A further loss could push the price to $22,000.
Indicators technical
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $22,680, followed by $22,000.
Major Resistance Levels – $23,300, $23,750 and $24,000.
