Bitcoin price started a fresh decline from the ,200 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near ,300 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could continue to move down if it stays below the ,300 and ,800 resistance levels. Bitcoin price is declining below ,000 against the US Dollar. BTC might extend losses if it stays below the ,300 resistance zone. Bitcoin Price Analysis Bitcoin price started a fresh decline from the ,200 resistance zone. A high was formed near ,148 before the price started a steady decline. There was a clear move below the ,500 and ,200 support levels.
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- Bitcoin price started a fresh decline from the $24,200 zone against the US Dollar.
- The price is now trading below $23,000 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $22,300 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $22,300 and $22,800 resistance levels.
Bitcoin price is declining below $23,000 against the US Dollar. BTC might extend losses if it stays below the $22,300 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $24,200 resistance zone. A high was formed near $24,148 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 $23,000 level and the 55 simple moving average (4-hours). The price traded as low as $21,467 and recently started a minor upside correction. There was a move above the 23.6% Fib retracement level of the downward move from the $24,148 swing high to $21,467 low.
It is now trading below $23,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $22,300 level.
There is also a key bearish trend line forming with resistance near $22,300 on the 4-hours chart of the BTC/USD pair. The next major resistance might near the $22,800 zone. It is near the 50% Fib retracement level of the downward move from the $24,148 swing high to $21,467 low.
A clear move above the $22,800 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 $25,500 zone.
If there is no upside break, the price might decline below the $21,750 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 continue to move down if it stays below the $22,300 and $22,800 resistance levels.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $21,750 and $21,500.
Key Resistance Levels – $22,300, $22,800 and $24,000.