Bitcoin price started a fresh decline below the ,500 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There was a break below a major rising channel with support near ,750 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could continue to decline further it there is no recovery above the ,750 resistance. Bitcoin price is struggling below ,000 against the US Dollar. BTC might extend losses if it stays below the ,750 and ,500 resistance levels. Bitcoin Price Analysis Bitcoin price started a fresh decline from the ,000 resistance zone. There was a steady decline below the ,000 and ,500 support levels. Besides, there was a break below a major rising channel
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- Bitcoin price started a fresh decline below the $22,500 zone against the US Dollar.
- The price is now trading below $22,000 and the 55 simple moving average (4-hours).
- There was a break below a major rising channel with support near $23,750 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to decline further it there is no recovery above the $21,750 resistance.
Bitcoin price is struggling below $22,000 against the US Dollar. BTC might extend losses if it stays below the $21,750 and $22,500 resistance levels.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $25,000 resistance zone. There was a steady decline below the $24,000 and $23,500 support levels.
Besides, there was a break below a major rising channel with support near $23,750 on the 4-hours chart of the BTC/USD pair. The decline gained pace below the $22,500 level and the 55 simple moving average (4-hours). The bears even pushed the price below the $21,000 level.
A low was formed near $20,760 and the price is now consolidating losses. It is now trading below $22,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $21,750 level.
It is near the 23.6% Fib retracement level of the downward move from the $24,986 swing high to $20,760 low. The first major resistance is near the $22,250 level and the 55 simple moving average (4-hours). The next major resistance on the upside is near the $22,850 level.
The 50% Fib retracement level of the downward move from the $24,986 swing high to $20,760 low is also near $22,850, above which the price could rise towards the $24,000 zone. Any more gains might send the price towards the $25,000 zone.
If there is no upside break, the price might continue to decline below $21,000. The next key support is near the $20,700 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $20,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $22,000 and the 55 simple moving average (4-hours). Overall, the price could continue to decline further it there is no recovery above the $21,750 resistance.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $21,000 and $20,700.
Key Resistance Levels – $21,750, $22,250 and $22,850.