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TA: Bitcoin Price Signals Bearish Reaction, Why BTC Could Revisit $22K

Bitcoin is showing a few bearish signs below the $24,000 resistance zone against the US Dollar. BTC is declining and might test the $22,000 support zone.

  • Bitcoin is slowly moving lower below the $24,000 pivot level.
  • 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 $23,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move down towards the $22,000 support in the near term.

Bitcoin Price Starts Decrease

Bitcoin price failed to start a fresh increase above the $24,000 resistance zone. The price started a fresh decline and settled below the $23,500 support zone.

There was a clear move below the 23.6% Fib retracement level of the upward move from the $20,695 swing low to $24,670 high. The price is now showing bearish signs below the $23,500 level and the 100 hourly simple moving average.

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There is also a key bearish trend line forming with resistance near $23,300 on the hourly chart of the BTC/USD pair. The current price action suggests bitcoin could continue to move down, with an immediate support at $22,800.

On the upside, the price is facing resistance near the $23,300 level and the trend line. The next key resistance is near the $23,750 zone and the 100 hourly simple moving average.

Bitcoin Price

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Source: BTCUSD on TradingView.com

The main resistance could be near the $24,000 zone. A close above the $24,000 resistance zone could set the pace for a fresh increase. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.

More Losses in BTC?

If bitcoin fails to clear the $23,300 resistance zone, it could continue to move down. An immediate support on the downside is near the $22,800 level.

The next major support now sits near the $22,680 level. It is near the 50% Fib retracement level of the upward move from the $20,695 swing low to $24,670 high. Any more losses might send the price towards $22,000 level.

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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 – $22,680, followed by $22,000.

Major Resistance Levels – $23,300, $23,750 and $24,000.

Original Article

About Sean Patterson

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