Bitcoin Shows Signs of Recovery, $23K Presents Resistance
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/USDT 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. 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.
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 gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is still below the 50 level.
Major Support Levels – $21,000, followed by $20,000.
Major Resistance Levels – $22,100, $22,600 and $23,000.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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/USDT 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. 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.
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 gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is still below the 50 level.
Major Support Levels – $21,000, followed by $20,000.
Major Resistance Levels – $22,100, $22,600 and $23,000.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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