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Bitcoin

Bitcoin Price Grinds Lower But This Support Can Spark A Fresh Increase

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

Bitcoin price is correcting gains and tested the $22,600 zone. BTC could start a fresh increase if it manages to stay above the $22,500 support.

  • Bitcoin is correcting gains below the $23,000 support zone.
  • The price is trading below $23,100 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $23,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if the bulls are able to protect the $22,500 support.

Bitcoin Price Visits Key Support

Bitcoin price started a downside correction below the $23,250 support zone. BTC followed a steady bearish path and even declined below the $22,800 level.

It tested the $22,600 support zone. A low is formed near $22,599 and the price is now consolidating losses. It slowly moved above the 23.6% Fib retracement level of the recent drop from the $23,590 swing high to $22,599 low.

Bitcoin price is trading below $23,100 and the 100 hourly simple moving average. An immediate resistance is near the $23,050 zone. There is also a major bearish trend line forming with resistance near $23,050 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the recent drop from the $23,590 swing high to $22,599 low. The next major resistance is near the $23,220 zone and the 100 hourly simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the $23,220 resistance might start a steady increase. In the stated case, the price may perhaps rise towards the $23,500 level. The next resistance could be near the $24,000 level, above which btc price might gain bullish momentum.

More Losses in BTC?

If bitcoin price fails to clear the $23,220 resistance, it could continue to move down. An immediate support on the downside is near the $22,600 zone.

The next major support is near the $22,500 zone. A downside break below the $22,500 zone might spark a move 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 – $22,600, followed by $22,500.

Major Resistance Levels – $23,050, $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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