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Bitcoin Price Dips As Dollar Rips, Key Support Nearby

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

Bitcoin price is correcting gains below the $23,250 zone. BTC must stay above the $22,500 support to avoid a major drop in the coming sessions.

  • Bitcoin is correcting gains below the $23,250 support zone.
  • The price is trading below $23,250 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $23,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue lower towards the $22,500 support zone in the near term.

Bitcoin Price Remains Supported

Bitcoin price failed to settle above the $24,000 level and started a downside correction. BTC declined below the $23,500 and $23,250 support levels to move into a short-term bearish zone.

There was a break below a key bullish trend line with support near $23,380 on the hourly chart of the BTC/USD pair. The pair even declined below the $23,000 level. A low is formed near $22,758 and the price is now consolidating losses.

Bitcoin price is trading below $23,250 and the 100 hourly simple moving average. An immediate resistance is near the $23,000 zone. It is near the 23.6% Fib retracement level of the recent decline from the $23,589 swing high to $22,758 low.

The next major resistance is near the $23,200 zone. There is also a connecting bearish trend line with resistance near $23,200 on the same chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $23,589 swing high to $22,758 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the $23,200 resistance might start a decent increase. In the stated case, the price may perhaps rise towards the $23,500 level. The next resistance could be near the $24,250 level, above which btc price might test $25,000.

More Losses in BTC?

If bitcoin price fails to clear the $23,200 resistance, it could continue to move down. An immediate support on the downside is near the $22,750 zone.

The next major support is near the $22,550 zone. A downside break below the $22,500 level might send the price towards the $22,200 level. Any more losses might send the price to $21,500 in the near term.

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 – $22,750, followed by $22,550.

Major Resistance Levels – $23,000, $23,200 and $23,500.

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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