TA: Bitcoin Shows Signs of Recovery, $23K Presents Resistance
15 Juni 2022 - 5:08AM
NEWSBTC
Bitcoin formed a base near the $21,000 level against the US Dollar.
BTC is attempting a recovery wave, but the bears might protect
gains above $23,000. Bitcoin traded as low as $20,824 before the
bulls took a stand. The price is now trading below the $24,000
level and the 100 hourly simple moving average. There is a key
bearish trend line forming with resistance near $22,050 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
must clear the $23,000 resistance zone to start a decent recovery
wave. Bitcoin Price Remains In Downtrend Bitcoin price remained in
a bearish zone below the $25,000 support zone. The price spiked
below the $21,000 level and settled well below the $23,000 level. A
low was formed near $20,824 and the price is now attempting an
upside correction. There was a move above the $22,000 resistance
level. However, the price is still well below the $24,000 level and
the 100 hourly simple moving average. An immediate resistance on
the upside is near the $21,100 level. There is also a key bearish
trend line forming with resistance near $22,050 on the hourly chart
of the BTC/USD pair. The first major resistance is near the $22,600
level. It is near the 23.6% Fib retracement level of the downward
move from $28,300 swing high to $20,825 low. If there is a
clear move above the trend line, the pair could rise towards the
$23,000 resistance. Source: BTCUSD on TradingView.com The main
resistance is near the $24,600 level. It is near the 50% Fib
retracement level of the downward move from $28,300 swing high to
$20,825 low. A clear move above the $24,500 and $25,000 levels
could set the pace for a strong upward move. Fresh Decline in BTC?
If bitcoin fails to clear the $22,600 resistance zone and the trend
line, it could start a fresh decline. An immediate support on the
downside is near the $21,250 level. The next major support is near
the $21,000 level. A downside break below the $21,000 support could
send the price towards the $20,825 swing low. Any more losses may
perhaps call for a test of $20,000. 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 still below the
50 level. Major Support Levels – $21,250, followed by $21,000.
Major Resistance Levels – $22,100, $22,600 and $23,000.
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