Bitcoin price started a fresh decline from the ,000 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There is a major bearish trend lien forming with resistance near ,500 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could extend its decline towards the ,500 and ,000 levels. Bitcoin price is declining below ,500 against the US Dollar. BTC might extend losses if it stays below the ,500 resistance zone. Bitcoin Price Analysis Bitcoin price started a fresh decline from the ,000 resistance zone. A high was formed near ,999 before the price started a steady decline. There was a clear move below the ,500 and ,200 support levels. There was a move below
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- Bitcoin price started a fresh decline from the $24,000 zone against the US Dollar.
- The price is now trading below $23,000 and the 55 simple moving average (4-hours).
- There is a major bearish trend lien forming with resistance near $22,500 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could extend its decline towards the $21,500 and $21,000 levels.
Bitcoin price is declining below $23,500 against the US Dollar. BTC might extend losses if it stays below the $22,500 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $24,000 resistance zone. A high was formed near $23,999 before the price started a steady decline. There was a clear move below the $23,500 and $23,200 support levels.
There was a move below the $22,500 level and the 55 simple moving average (4-hours). The price traded as low as $21,851 and is currently consolidating losses. It is now trading well below $23,000 and the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $22,350 level. It is near the 23.6% Fib retracement level of the downward move from the $23,999 swing high to $21,851 low.
There is also a key bearish trend line forming with resistance near $22,500 on the 4-hours chart of the BTC/USD pair. The next major resistance might near the $22,900 zone. It is near the 50% Fib retracement level of the downward move from the $23,999 swing high to $21,851 low.
A clear move above the $22,900 level might send the price towards $23,200, above which the price might rise towards the $24,000 level. Any more gains might push the price towards the $24,500 zone.
If there is no upside break, the price might decline below the $21,850 level. The first major support is near $21,500. The next key support is near the $21,200 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $20,500 level. Any more losses might send the price towards the $20,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $23,000 and the 55 simple moving average (4-hours). Overall, the price could extend its decline towards the $21,500 and $21,000 levels.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $21,850 and $21,200.
Key Resistance Levels – $22,350, $22,900 and $23,500.