Bitcoin fell below $22,000 to the US Dollar support zone. BTC may continue to lose ground below the $20,500 resistance zone.
- Bitcoin began a new decline, trading below $22,000
- The current price of the stock is trading at below $22,000 and below the simple 100-hour moving average.
- A major bearish trend line is emerging with resistance at $21,950 (data feed Kraken).
- A clear fall below $20,800 could cause the pair to decline even further.
Bitcoin Price Gains Bearish Momentum
After it failed to break the $24,000 resistance level, Bitcoin prices began a new decline. The Bitcoin price continued to decline between $23,500, $23,000 and the $23,500 levels.
For a decline below $22,500 and the 100-hourly simple moving average, the bears gained momentum. Finally, the price trades below the $21,500 resistance level. It even spikes below $21,000. An area of low volatility is found near $20,994; the price is currently consolidating its losses.
Bitcoin price may face resistance at the $21,650 mark. Bitcoin is now nearing the 50% Fib level of its recent fall from $20,994 high to $22,250 low.
Next is resistance at the $22,000 level. A major bearish trendline is also visible on the hourly BTC/USD chart with resistance close to $21,950. This trend line lies near the 76.4% Fib Retracement level for the decline from $22,250 swing high, to $20,994 low.
Source: BTCUSD from TradingView.com
If the resistance zone is crossed at or near $22,000, it could lead to further gains. The price could rise to $22,500 in the above scenario. Next comes resistance at the $23,000 point.
BTC: More losses
Bitcoin could fall further if it fails to recover from the $11,650 low. The $21,000 level is a strong support for the downside.
Near the $20,500 support zone is now the next significant support. In the short term, a clear break or close to the $20,000.500 support zone could push the price up towards $20,000
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $21,000, followed by $20,500.
Major Resistance Levels – $21,650, $22,000 and $22,500.