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Bitcoin

TA: Bitcoin Price Turns Red, Why BTC Could Extend Losses

Aayush Jindal by Aayush Jindal
7 months ago
in BTC
Reading Time: 2 mins read
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Bitcoin started a fresh decline below the $22,000 support against the US Dollar. BTC is declining and might extend losses below the $20,500 support zone.

  • Bitcoin started a fresh decline and traded below the $22,000 level.
  • 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 $21,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might decline further if there is a clear move below the $20,800 level.

Bitcoin Price Gains Bearish Momentum

Bitcoin price started a fresh decline after it failed to clear the $24,000 resistance zone. There was a steady decline below the $23,500 and $23,000 levels.

The bears gained strength for a move below the $22,500 support level and the 100 hourly simple moving average. Finally, the price traded below the $21,500 support level and even spiked below $21,000. A low is formed near $20,994 and the price is now consolidating losses.

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On the upside, bitcoin price could face resistance near the $21,650 level. It is near the 50% Fib retracement level of the recent decline from the $22,250 swing high to $20,994 low.

The next key resistance is near the $22,000 zone. There is also a major bearish trend line forming with resistance near $21,950 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the recent decline from the $22,250 swing high to $20,994 low.

Bitcoin Price

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A close above the $22,000 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $22,500 level. The next major resistance sits near the $23,000 level.

More Losses in BTC?

If bitcoin fails to start a recovery wave above the $21,650 level, it could continue to move down. An immediate support on the downside is near the $21,000 level.

The next major support now sits near the $20,500 level. A clear break and close below the $20,500 support zone might send the price towards $20,000 in the near term.

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 well below the 50 level.

Major Support Levels – $21,000, followed by $20,500.

Major Resistance Levels – $21,650, $22,000 and $22,500.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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