Bitcoin Price Prints Bearish Technical Pattern, Upsides Attractive To Bears

Bitcoin

Bitcoin price declined over 5% and traded below $22,000. BTC is trading below $22,000 and remains at a risk of more losses towards the $21,200 support.

Bitcoin Price Drops Over 5%

Bitcoin price started a fresh decline from the $23,500 resistance zone. BTC gained bearish momentum after there was a clear move below the $22,500 support zone.

The bears pushed the price below the $22,200 support zone. The price even spiked below the $22,000 level. A low is formed near $21,700 and the price is now consolidating losses. Bitcoin price is now trading below $22,500 and the 100 hourly simple moving average.

There is also a major bearish trend line forming with resistance near $22,420 on the hourly chart of the BTC/USD pair. An immediate resistance is near the $22,100 level. It is near the 23.6% Fib retracement level of the downward move from the $23,450 swing high to $21,700 low.

The next major resistance is near the $22,400 zone and the trend line zone. The main resistance is now near the $22,500 zone or the 50% Fib retracement level of the downward move from the $23,450 swing high to $21,700 low.

Source: BTCUSD on TradingView.com

A clear move above the $22,500 resistance might start a decent increase. In the stated case, the price may perhaps rise towards the $23,000 level. The next resistance could be near the $23,200 level, above which btc price might rise towards the $23,450 resistance zone.

More Losses in BTC?

If bitcoin price fails to clear the $22,100 resistance, it could continue to move down. An immediate support on the downside is near the $21,700 zone.

The next major support is near the $21,500 level, below which the price might dive towards the $21,200 support. A downside break below the $21,200 zone might send the price towards the $20,500 zone.

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 – $21,500, followed by $21,200.

Major Resistance Levels – $22,100, $22,400 and $22,500.

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