Blog Details

Bitcoin failed to recover above $23,000 against the US Dollar. BTC started a fresh decline and r...

TA: Bitcoin Remains In Downtrend, Risk of Drop Below $20K

Bitcoin failed to recover above $23,000 against the US Dollar. BTC started a fresh decline and remains at a risk of a move below the $20,000 support.

AssetsFX

Bitcoin failed to climb above $23,000 and started a fresh decline. The price is now trading below the $22,000 level and the 100 hourly simple moving average.

There is a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair remains at a risk of a move below the $20,000 support zone in the near term.

Bitcoin Price Revisits $20K

Bitcoin price attempted a fresh increase above the $22,000 level. However, the bears were active near the $22,800 and $23,000 levels. A high was formed near $22,950 and the price started a fresh decline

πŸ‘‰ Top THREE Award-Winning Brokers in 2022 πŸ‘ˆ

βœ…LiteFinanceβœ… βœ…IC Marketsβœ… βœ… Avatradeβœ…


There was a clear move below the $21,500 level and the price settled below the 100 hourly simple moving average.

The price even declined below the $21,000 level and traded close to the $20,000 support zone. A low was formed near $20,200 and the price is now attempting an upside correction.

There was a move above the $20,500 resistance level. Bitcoin is now testing the 23.6% Fib retracement level of the recent decline from the $22,950 high to $20,200 low.

There is also a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC/USD pair.

An immediate resistance on the upside is near the $21,000 level. The first major resistance is near the $21,550 level.

The 50% Fib retracement level of the recent decline from the $22,950 high to $20,200 low is also near the $21,550 level.

Any more gains might send the price towards the $22,300 level or the 100 hourly simple moving average. The main resistance is still near the $23,000 level.

Fresh Decline in BTC?

If bitcoin fails to clear the $22,000 resistance zone and the trend line, it could start a fresh decline. An immediate support on the downside is near the $20,200 level.

Hot Topics


Total Supply Of Stablecoins Dropped Sharply For First Time Ever In Q2


Binance Partners With Spylt To Offer Users Ride-Hailing Services On Its Platform


BTC Price Crashes To $20.8K As ‘Deadly’ Candles Liquidate $1.2 Billion

The next major support is near the $20,000 level. A downside break below the $20,000 support could spark a sharp decline. In the stated case, the price could test $18,800.

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 now below the 50 level.

πŸ‘‰ Keep Pushing Your Profitable Trading With πŸ‘ˆ
βœ…AssetsFXβœ…


Major Support Levels – $20,200, followed by $20,000.

Major Resistance Levels – $21,550, $22,300 and $23,000. - newsbtc

Featured Brokers