Bitcoin Price Could Narrowly Avoid a Major Downtrend, Here’s How

Bitcoin prolonged losses beneath the $22,650 assist towards the US Greenback. BTC is trying one other restoration and would possibly face hurdles close to $23,100.

• Bitcoin remained in a bearish zone and prolonged losses beneath the $23,500 stage.
• The value is now buying and selling beneath the $23,000 stage and the 100 hourly easy shifting common.
• There was a break above a short-term bearish development line with resistance close to $22,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair should clear the $23,100 resistance to begin a gentle enhance within the close to time period.

Bitcoin Worth Faces Resistance

Bitcoin value began a contemporary decline after it confronted sellers close to the $23,570 stage. The value gained bearish momentum after it broke the $23,000 assist zone.

It even traded beneath the $22,800 stage and the 100 hourly easy shifting common. Lastly, there was a spike beneath the $22,650 stage. Nonetheless, downsides have been restricted and the worth traded as little as $22,400. The value began a contemporary restoration wave above the $22,800 resistance zone.

Bitcoin cleared the 23.6% Fib retracement stage of the downward transfer from the $23,570 swing excessive to $22,400 low. In addition to, there was a break above a short-term bearish development line with resistance close to $22,850 on the hourly chart of the BTC/USD pair.

It’s now buying and selling beneath the $23,000 stage and the 100 hourly easy shifting common. On the upside, bitcoin value is going through resistance close to the $23,000 stage and the 100 hourly SMA.

Supply: BTCUSD on TradingView.com

The 50% Fib retracement stage of the downward transfer from the $23,570 swing excessive to $22,400 low can be close to the $23,000 zone. The following key resistance is close to the $23,300 zone. A detailed above the $23,500 resistance zone may begin a gentle enhance. Within the said case, the worth might maybe rise clear the $23,500 resistance.

Extra Losses in BTC?

If bitcoin fails to clear the $23,000 resistance zone and the 100 hourly SMA, it may proceed to maneuver down. A direct assist on the draw back is close to the $22,800 stage.

The following main assist now sits close to the $22,400 stage. A detailed beneath the $22,400 stage would possibly begin a transfer in the direction of $22,000. Any extra losses would possibly ship the worth in the direction of $21,200 stage.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Help Ranges – $22,800, adopted by $22,400.

Main Resistance Ranges – $23,000, $23,300 and $24,500.