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Bitcoin

Bitcoin Price Consolidates Below $22K and At Risk of Sharp Decline

Aayush Jindal by Aayush Jindal
3 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price is consolidating below the $22,000 resistance. BTC could decline heavily if there is a daily close below the $21,500 support.

  • Bitcoin is showing a few negative signs below the $22,000 resistance.
  • The price is trading below $22,000 and the 100 hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $21,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline heavily if there is a clear move below the $21,500 support zone.

Bitcoin Price Faces Resistance

Bitcoin price remained in a bearish zone below the $22,200 support zone. BTC settled below the $22,000 zone and settled below the 100 hourly simple moving average.

Recently, there was a spike below the $21,500 support zone. A new weekly low is formed near $21,359 and the price is now consolidating losses. Bitcoin price is now trading below $22,000 and the 100 hourly simple moving average.

There was a minor recovery wave above the $21,650 resistance zone. The price climbed above the 50% Fib retracement level of the recent decline from the $23,450 swing high to $21,359 low.

Besides, there was a break above a connecting bearish trend line with resistance near $21,700 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $21,800 level and the 100 hourly simple moving average.

The 61.8% Fib retracement level of the recent decline from the $23,450 swing high to $21,359 low is also near $21,820. The next major resistance is near the $22,100 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the $22,100 resistance might start a steady increase. In the stated case, the price may perhaps rise towards the $22,385 level. The next resistance could be near the $22,750 level, above which btc price might rise towards the $23,250 resistance zone.

Sharp Decline in BTC?

If bitcoin price fails to clear the $22,100 resistance, it could continue to move down. An immediate support on the downside is near the $21,500 zone.

The next major support is near the $21,350 level, below which the price might start a major decline. In the stated case, the price could decline towards the $20,500 zone.

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 above the 50 level.

Major Support Levels – $21,500, followed by $21,350.

Major Resistance Levels – $21,800, $22,100 and $22,385.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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