BTC / USD
23,070.63
0.57%
(+129.79)
ETH / USD
1,605.65
1.22%
(+19.38)
XRP / USD
0.41
0.56%
(-0)
LTC / USD
87.43
1.29%
(-1.14)
EOS / USD
1.09
0.09%
(0)
BCH / USD
134.22
2.43%
(+3.18)
ADA / USD
0.38
3.54%
(+0.01)
XLM / USD
0.09
0.19%
(0)
NEO / USD
8.22
3.51%
(+0.28)
XEM / USD
0.04
1.3%
(0)
DASH / USD
50.65
0.66%
(+0.33)
USDT / USD
1.00
0%
(0)
BNB / USD
304.99
0.04%
(+0.12)
QTUM / USD
2.64
3.86%
(+0.1)
XVG / USD
0.00
0.61%
(0)
ONT / USD
0.22
5.43%
(+0.01)
ZEC / USD
46.76
3.84%
(+1.73)
STEEM / USD
0.20
1.33%
(0)

TA: Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch

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Bitcoin extended losses below the $23,650 support zone against the US Dollar. BTC must stay above $23,200 to avoid more losses in the near term.

  • Bitcoin remained in a bearish zone and traded below the $23,650 support.
  • The price is now trading below the $23,650 level and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses if there is a clear move below the $23,200 support in the near term.

Bitcoin Price Drops Further

Bitcoin price failed to stay in a positive zone above the $24,000 level. BTC started another decline and traded below the $23,650 support zone.

There was a clear move below the $23,500 level and the 100 hourly simple moving average. Finally, the price found support near the $23,200 zone. A low was formed near $23,193 and the price is now consolidating losses.

Bitcoin price is now trading below the $23,650 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $23,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low.

The first major resistance on the upside sits near the $23,800 level. It is near the 50% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low.

The main resistance is forming near the $24,000 zone and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair. A close above the $23,800 and $24,000 resistance levels might start another increase.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps climb towards the $24,500 resistance. Any more gains might send the price towards the $25,000 level.

More Losses in BTC?

If bitcoin fails to clear the $24,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,320 level.

The next major support now sits near the $23,200 level. A downside break and close below the $23,200 level might spark another decline. In the stated case, the price might decline towards the $22,750 level.

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 – $23,320, followed by $23,200.

Major Resistance Levels – $23,500, $23,800 and $24,000.

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