- Bitcoin’s price is taking a hit and currently hovering below the critical $22,500 resistance level.
- The price is displaying bearish signs and has fallen beneath the 100 SMA, indicating a bearish trend.
- On #Binance BTC/USD hourly chart, a significant bearish trend line is forming near $22,150, further adding to the negative sentiment.
- A potential close below the support level of $22,150 could result in a significant decline in #bitcoin price, which investors should be wary of.
- Despite the current market conditions, there is always the potential for a rebound, so keep a close eye on the market for any changes in sentiment.
Bitcoin Chart Analysis by CryptoPatel:-
The Bitcoin price attempted to recover from the $22,000 support zone and climbed above $22,250 and $22,400 levels. However, the bears prevented further gains near the $22,600 level, leading to a sharp decline below $22,200 and $22,000 levels. The price formed a low around $21,900 and is currently consolidating losses.
Bitcoin is now trading below $22,160 and the 100 SMA, testing the 50% Fib retracement level of the recent decline from the $22,600 high to $21,900 low.
The immediate resistance level is around $22,200, with a key bearish trend line forming on the hourly chart of the BTC/USD pair near this level.
The next significant resistance is near the $22,400 zone, which is close to the 76.4% Fib retracement level of the recent decline from the $22,600 high to $21,900 low. The primary barrier is now near the $22,750 zone, and a close above this resistance could initiate an upward move towards the $23,250 resistance level.
The next crucial resistance is near the $23,800 zone, which, if surpassed, might trigger a significant rally in Bitcoin’s price.
- Bitcoin attempted to recover from the $22,000 support zone but faced resistance near $22,600, resulting in a sharp decline below key support levels.
- Bitcoin is currently trading below $22,200 and the 100 SMA, testing the 50% Fib retracement level of the recent decline from the $22,600 high to $21,900 low.
- The primary resistance level for Bitcoin is near the $22,800 zone, and a close above this level could initiate an upward move towards the $23,250 resistance level. Investors should closely monitor the market for any significant developments, including a potential rally if this resistance level is overcome.
In summary, Bitcoin’s price faced rejection near the $22,600 level and experienced a sharp decline below key support levels.
The price is now consolidating losses and testing important resistance levels. Investors should closely monitor the market for any significant developments, including a potential rally if the $22,750 resistance is overcome.
More Downtrend In Bitcoin?
Bitcoin’s price is facing a critical resistance zone around $22,200 and $22,400, and if it fails to break above this level, it may trigger another decline. Immediate support is near the $22,000 zone, with the next major support at $21,800, below which the price might drop to $21,200.
The subsequent significant support level is around $20,600, and any further losses may lead to a decline towards the psychological level of $20,000.
Traders and investors should monitor the market closely for any significant developments, including a potential breach of key support levels, which could indicate a further downward trend.
It is essential to keep a close eye on technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) to assess the market’s sentiment and momentum accurately.
This is CryptoPatel Personal Opinion. This is not Financial Advice. DYOR Before Investing.
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