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Bitcoin declined further below the $23,000 level against the US Dollar. BTC is moving lower and remains at a risk of more losses if it breaks the $22,000 support.
- Bitcoin extended losses and declined below the $23,200 support.
- The price is now trading below the $23,500 level and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $23,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if there is a clear move below the $22,500 support in the near term.
Bitcoin Price Gains Bearish Momentum
Bitcoin price settled below the $24,000 level to move into a bearish zone. BTC gained bearish momentum below the $23,500 and $23,200 support levels.
It opened the doors for more losses below the $23,000 level and the 100 hourly simple moving average. Finally, the price found support near the $22,700 zone. A low was formed near $22,715 and the price is now consolidating losses.
Bitcoin price is now trading below the $23,200 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $23,150 level. It is near the 23.6% Fib retracement level of the key drop from the $24,440 swing high to $22,715 low.
The first major resistance on the upside sits near the $23,550 level. It is near the 50% Fib retracement level of the key drop from the $24,440 swing high to $22,715 low.
Source: BTCUSD on TradingView.com
There is also a key bearish trend line forming with resistance near $23,550 on the hourly chart of the BTC/USD pair. The main resistance is forming near the $23,750 zone and the 100 hourly simple moving average. A close above the $23,550 and $23,800 resistance levels might start another increase.
In the stated case, the price may perhaps climb above the $24,000 resistance. Any more gains might send the price towards the $24,500 level.
More Losses in BTC?
If bitcoin fails to clear the $23,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $22,715 level.
The next major support now sits near the $22,500 level. A downside break and close below the $22,500 level might could push the price further into a bearish zone. In the stated case, the price might decline towards the $21,200 level.
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 now below the 50 level.
Major Support Levels – $22,715, followed by $22,500.
Major Resistance Levels – $23,200, $23,550 and $23,800.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.