2023-3-16 06:15 |
Bitcoin price is moving lower and trading below $25,000. BTC remains at a risk of a downside break if it stays below the $25,200 resistance zone.
Bitcoin started a downside correction below the $25,500 support zone. The price is trading above $24,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $24,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $23,500 support zone. Bitcoin Price Trims GainsBitcoin price started a downside correction from the $26,500 resistance zone. BTC declined below the $25,500 and $25,000 support levels to move into a short-term bearish zone.
The price even declined below the $24,000 level and traded as low as $23,913. It is now consolidating in a range above the $24,000 level. It is trading near the 23.6% Fib retracement level of the recent decline from the $26,526 swing high to $23,913 low.
Besides, bitcoin price is now trading above $24,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $24,500 on the hourly chart of the BTC/USD pair.
Clearly, the price is near an inflection zone, with an immediate resistance near the $24,500 level. The next major resistance is near the $25,200 zone. It is near the 50% Fib retracement level of the recent decline from the $26,526 swing high to $23,913 low.
Source: BTCUSD on TradingView.com
A close above the $25,200 resistance might start a fresh increase towards the $26,000 resistance. The next key resistance is near the $26,500 zone, above which the price might rise towards $27,500.
Downside Break in BTC?If bitcoin price fails to clear the $25,200 resistance, it could start another decline. An immediate support on the downside is near the $24,000 zone.
The next major support is near the $23,500 zone and the 100 hourly simple moving average, below which the price gain bearish momentum. The next major support is near the $22,600 level. Any more losses might send the price towards the $22,000 level.
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 – $24,000, followed by $23,500.
Major Resistance Levels – $24,500, $25,200 and $26,000.
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