Bitcoin continued to fall below the $22,650 support level against the US Dollar. BTC is attempting another comeback and may face difficulties near $23,100. Bitcoin continued in a bearish zone with losses reaching below $23,500. The price is currently trading below $23,000 and the 100 hourly SMA (simple moving average).
On the hourly timeframe of the BTC/USD pair, there was a break above a short term negative trend line with a Resistance over $22,850. The pair needs to break the $23,100 resistance to start a steady rise in the near term.
Bitcoin price is facing resistance
Bitcoin price started a new slide after encountering sellers near $23,570. After breaking the $23,000 support level, the price started falling.
It even dipped below $22,800 and the 100 hourly simple moving average. Finally, a surge below the $22,650 level occurred. However, the drop was limited as the price traded as low as $22,400. The price started a fresh wave of recovery above the $22,800 barrier.
Bitcoin broke the 23.6 percent Fib retracement level of the decline from the $23,570 swing high to $22,400 low. Additionally, there was a break above a short-term negative trend line with resistance above $22,850 on the hourly timeframe of the BTC/USD pair.
It is currently trading below the $23,000 level and the 100 hourly simple moving average. On the upside, bitcoin price is facing resistance near $23,000 and the 100 hourly SMA.
The 50% Fib retracement level of the pullback from the $23,570 swing high to the $22,400 low is also at the $23,000 level. The next major resistance level is at $23,300. A close above the $23,500 resistance level could signal the start of a steady rise. In this scenario, the price might break the $23,500 resistance.
More bitcoin losses?
If bitcoin fails to break the $23,000 resistance zone and the 100 hourly SMA, it could continue falling. On the upside, there is immediate support near $22,800.
The next significant support now stands at $22,400. A close below $22,400 could trigger a move towards $22,000. Any further decline could push the price down to $21,200. Much luck!
Source: Crypto News Deutsch