TA: Bitcoin Price Showing Early Signs of Fresh Downtrend, But $22.5K Is The Key
19 August 2022 - 4:28AM
NEWSBTC
Bitcoin declined further below the $23,000 level against the US
Dollar. BTC is moving lower and remains at a risk of more losses if
it breaks the $22,000 support. Bitcoin extended losses and declined
below the $23,200 support. The price is now trading below the
$23,500 level and the 100 hourly simple moving average. There is a
key bearish trend line forming with resistance near $23,550 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 $22,500
support in the near term. Bitcoin Price Gains Bearish Momentum
Bitcoin price settled below the $24,000 level to move into a
bearish zone. BTC gained bearish momentum below the $23,500 and
$23,200 support levels. It opened the doors for more losses below
the $23,000 level and the 100 hourly simple moving average.
Finally, the price found support near the $22,700 zone. A low was
formed near $22,715 and the price is now consolidating losses.
Bitcoin price is now trading below the $23,200 level and the 100
hourly simple moving average. On the upside, an immediate
resistance is near the $23,150 level. It is near the 23.6% Fib
retracement level of the key drop from the $24,440 swing high to
$22,715 low. The first major resistance on the upside sits near the
$23,550 level. It is near the 50% Fib retracement level of the key
drop from the $24,440 swing high to $22,715 low. Source: BTCUSD on
TradingView.com There is also a key bearish trend line forming with
resistance near $23,550 on the hourly chart of the BTC/USD pair.
The main resistance is forming near the $23,750 zone and the 100
hourly simple moving average. A close above the $23,550 and $23,800
resistance levels might start another increase. In the stated case,
the price may perhaps climb above the $24,000 resistance. Any more
gains might send the price towards the $24,500 level. More Losses
in BTC? If bitcoin fails to clear the $23,200 resistance zone, it
could continue to move down. An immediate support on the downside
is near the $22,715 level. The next major support now sits near the
$22,500 level. A downside break and close below the $22,500 level
might could push the price further into a bearish zone. In the
stated case, the price might decline towards the $21,200 level.
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 now below the 50 level. Major Support Levels –
$22,715, followed by $22,500. Major Resistance Levels – $23,200,
$23,550 and $23,800.
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