Bitcoin price is correcting gains and tested the $22,600 zone. BTC could start a fresh increase if it manages to stay above the $22,500 support.
Bitcoin price started a downside correction below the $23,250 support zone. BTC followed a steady bearish path and even declined below the $22,800 level.
It tested the $22,600 support zone. A low is formed near $22,599 and the price is now consolidating losses. It slowly moved above the 23.6% Fib retracement level of the recent drop from the $23,590 swing high to $22,599 low.
Bitcoin price is trading below $23,100 and the 100 hourly simple moving average. An immediate resistance is near the $23,050 zone. There is also a major bearish trend line forming with resistance near $23,050 on the hourly chart of the BTC/USD pair.
The trend line is close to the 50% Fib retracement level of the recent drop from the $23,590 swing high to $22,599 low. The next major resistance is near the $23,220 zone and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
A clear move above the $23,220 resistance might start a steady increase. In the stated case, the price may perhaps rise towards the $23,500 level. The next resistance could be near the $24,000 level, above which btc price might gain bullish momentum.
If bitcoin price fails to clear the $23,220 resistance, it could continue to move down. An immediate support on the downside is near the $22,600 zone.
The next major support is near the $22,500 zone. A downside break below the $22,500 zone might spark a move towards the $22,200 level. Any more losses might send the price to $21,500 in the near term.
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.
Major Support Levels – $22,600, followed by $22,500.
Major Resistance Levels – $23,050, $23,200 and $23,500.
Russia’s largest securities exchange is expanding its cryptocurrency derivatives market, with XRP set to join…
XRP price retreated sharply last week, drawing the attention of traders looking to understand what’s…
Ripple has burned another 15 million RLUSD as large treasury transactions continue to move the…
Monochrome Exchange, a multi-asset trading platform, has announced the Initial Exchange Offering (IEO) of its…
XRP whales have recorded a major feat this September, as whale inflows on Binance have…
Capital markets may see difficult times ahead, a warning to global investors. That is according…