Bitcoin has fallen below $24,500 to the US Dollar. BTC may continue to fall below $23,650 or $23,500 levels of support.
- Bitcoin trading is slowly declining and well below the $25,000 mark.
- The price currently trades below the $24,200 mark and the 100 hourly simple moving mean.
- A key bearish trendline is emerging with resistance close to $24,020 in the hourly BTC/USD chart (data feed Kraken).
- In the short term, the pair may experience losses that fall below $23,650 or $23,500 levels.
The Redefinition of Bitcoin’s Price
From the $25,000 resistance area, Bitcoin prices began a gradual and steady fall. BTC fell below $24,650, $24,500 and 24,000500 levels in order to enter a bearish zone.
The price fell below $24,000 and the 100-hourly moving average. The current consolidation of losses is causing the price to trade as low as $23,673 Surprisingly, the price is close to the $24,000 mark as immediate resistance. This is close to the 23.6% Fib level of the recent fall from $25,200 swing high and $23,673 low.
A key bearish trendline is also in place with resistance close to $24,020. This can be seen on the hourly charts of BTC/USD. On the upside, there is first resistance at the $24,250 and 100 hourly simple moving mean levels.
Near the $24,450 area is the next major resistance. The Fib retracement of the drop from $23,673 high to $25,200 low is at 50%. An increase might be initiated if the levels above $24,450 resistance and $24,500 resistance are close enough.
Source: BTCUSD from TradingView.com
If the case is true, then the price might rise towards $25,000 resistance. Price gains could push the price to the $25,000 resistance.
It could fall further if bitcoin does not clear the $24,450 zone of resistance. The $23,675 level is an immediate support for the downside.
Next major support is located at the $23,450 level. The bulls might feel pressured if there is a downturn and the price falls below $23,450. The price could fall towards $22,750 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 below the 50 level.
Major Support Levels – $23,650, followed by $23,500.
Major Resistance Levels – $24,020, $24,450 and $24,500.