TA: Bitcoin Price Bearish Weekly Close Suggests it’s Vulnerable For Bigger Decline

2022-8-22 05:28

Bitcoin declined heavily below the $22,000 support zone against the US Dollar. BTC is correcting gains, but upsides might be limited above the $22,500 resistance.

Bitcoin extended losses and declined below the $22,000 support. The price is now trading below the $22,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $21,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses if it stays below the $21,500 and $22,000 levels. Bitcoin Price Dives over 8%

Bitcoin price started a major decline below the $23,000 support zone. BTC gained bearish momentum below the $22,500 and $22,200 support levels.

The decline was such that the price settled below the $22,000 support zone. It even spiked below the $21,000 level and traded as low as $20,797. The price is now correcting losses above the $21,000 level. It is now trading below the $22,000 level and the 100 hourly simple moving average.

Recently, there was a push above the $21,250 level. However, bitcoin price struggled near the 23.6% Fib retracement level of the recent decline from the $24,414 swing high to $20,797 low.

On the upside, an immediate resistance is near the $21,500 level. There is also a major bearish trend line forming with resistance near $21,550 on the hourly chart of the BTC/USD pair. The first major resistance on the upside sits near the $22,000 level and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

The main resistance is forming near the $22,650 zone. It is near the 50% Fib retracement level of the recent decline from the $24,414 swing high to $20,797 low. A close above the $22,500 and $22,650 resistance levels might start another increase.

More Losses in BTC?

If bitcoin fails to clear the $22,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $21,250 level.

The next major support now sits near the $20,800 level. A downside break and close below the $20,800 level might spark another sharp decline. In the stated case, the price might decline towards the $20,000 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 above the 50 level.

Major Support Levels – $21,250, followed by $20,800.

Major Resistance Levels – $21,550, $22,000 and $22,650.

origin »

Bitcoin (BTC) на Currencies.ru

$ 81117.22 (+0.19%)
Объем 24H $31.533b
Изменеия 24h: -2.84 %, 7d: -10.26 %
Cегодня L: $80441.76 - H: $81408.62
Капитализация $1609.081b Rank 1
Цена в час новости $ 21415.13 (278.78%)

bitcoin below declined support upsides might gains

bitcoin below → Результатов: 126


Фото:

Bitcoin falls below $57k as $13 billion in leveraged shorts placed on major exchanges

Since February, Bitcoin has fallen to its lowest price, breaking below $60,000 and hitting $56,900 as of press time. The price is now 23% below its recent pre-halving all-time high of $73,000. Data from Coinglass shows that Binance, the most liquid exchange for Bitcoin trading, has several buy walls in the order book down to […] The post Bitcoin falls below $57k as $13 billion in leveraged shorts placed on major exchanges appeared first on CryptoSlate.

2024-5-1 11:42