Bitcoin lost more than $23,650 against the US Dollar. BTC should not fall below $23,200 in order to prevent further losses.
- Bitcoin traded lower than the $23,650 resistance and remained in a bearish area.
- The current price of the stock is trading at below $23,650 and the simple 100-hour moving average.
- On the hourly chart for the BTC/USD pair, there is an apparent connecting bearish trend line with resistance close to $24,000 (datafeed from Kraken).
- A clear break below the $23,200 resistance in the immediate term could lead to losses.
Bitcoin prices drop further
Bitcoin prices failed to remain above $24,000 and in the positive zone. BTC traded lower than the $23,650 support level and started a new decline.
The price moved clearly below the $23,500 mark and the 100 hourly simple moving mean. The $23,200 level was where the price reached support. An area of low support was found near $23,193; the price is consolidating its losses.
Bitcoin prices are currently trading at below $23,650 and the 100-hourly simple moving average. Surprisingly, a resistance level is located near $23,500. This is close to the 23.6% Fib Retracement level that marked the decline from $24,438 swing high, $23,193 low.
Near the $23,800 mark is the first significant resistance to the upside. This is close to the 50% Fib level of the decline from $24,438 swing high, $23,193 low.
Resistance is located near the $24,000 area and the 100-hourly simple moving average. On the hourly chart for the BTC/USD pair, there is a connected bearish trend line that forms with resistance at $24,000. Another increase could be initiated if the pair closes above $23,800 or $24,000 resistance levels.
Source: BTCUSD from TradingView.com
If the case is true, then the price might rise towards $24,500. Price gains could push the price to the $25,000 mark.
BTC: More losses
Bitcoin could move lower if it fails to break the $24,000 resistance level. The $23,320 level is a support area for the downside.
Near the $23,200 mark is now the next significant support. If the price falls below $23,200, it could trigger another drop. The price could fall towards $22,750 in the above scenario.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $23,320, followed by $23,200.
Major Resistance Levels – $23,500, $23,800 and $24,000.
