Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price broke the key $22,000 support zone. BTC is showing bearish signs and might decline further towards $20,500 or even $20,000 in the near term.
- Bitcoin is gaining bearish momentum below the $22,000 support zone.
- The price is trading below $22,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down towards the $21,200 support or even $20,500.
Bitcoin Price Extends Drop
Bitcoin price failed to start a recovery wave above the $22,250 resistance zone. BTC bears remained in action and pushed the price further lower below the $22,000 support zone.
It opened the doors for more losses and the price dropped below $21,800. A new monthly low was formed near $21,600 and the price is now consolidating losses. Bitcoin price is now trading below $22,000 and the 100 hourly simple moving average.
An immediate resistance is near the $21,840 level. It is near the 23.6% Fib retracement level of the downward move from the $22,600 swing high to $21,600 low.
The next major resistance is near the $22,000 zone. There is also a major bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $22,600 swing high to $21,600 low.
Source: BTCUSD on TradingView.com
The main resistance is now near the $22,250 zone. A close above the $22,250 resistance might start a decent increase towards the $22,600 resistance zone. The next key resistance is near the $23,000 zone, above which the price might gain bullish momentum.
More Losses in BTC?
If bitcoin price fails to clear the $22,000 resistance and the trend line, it could start another decline. An immediate support on the downside is near the $21,600 zone.
The next major support is near the $21,200 zone, below which the price might drop to $21,000. The next major support is near the $20,500 level. Any more losses might send the price towards the $20,000 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 – $21,600, followed by $20,500.
Major Resistance Levels – $22,000, $22,050 and $22,250.