TA: Bitcoin Worth Lacks Momentum, Why BTC May Drop 5%


Bitcoin is struggling to climb above the $24,000 resistance zone in opposition to the US Greenback. BTC is declining and would possibly proceed to maneuver down in direction of the $22,000 assist.

Bitcoin is exhibiting bearish indicators under the $23,500 stage.
The worth is now buying and selling under the $23,200 stage and the 100 hourly easy shifting common.
There’s a main bearish pattern line forming with resistance close to $23,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may proceed to slip and would possibly even check the $22,000 assist within the close to time period.

Bitcoin Worth Indicators Decline

Bitcoin worth began a gentle decline from properly above the $24,000 resistance zone. The worth declined under the $23,500 and $23,250 to maneuver right into a short-term bearish zone.

The declined gained tempo under the 100 hourly easy shifting common. It even examined the 50% Fib retracement stage of the important thing improve from the $20,695 swing low to $24,671 excessive. The worth is now struggling under the $23,200 stage and the 100 hourly easy shifting common.

There may be additionally a serious bearish pattern line forming with resistance close to $23,250 on the hourly chart of the BTC/USD pair. Nevertheless, it looks like the bulls are defending the $22,680 assist zone.

On the upside, bitcoin worth is going through resistance close to the $23,250 stage and the pattern line. The subsequent key resistance is close to the $23,520 zone and the 100 hourly easy shifting common.

Supply: BTCUSD on TradingView.com

The principle resistance could possibly be close to the $24,180 zone. An in depth above the $24,180 resistance zone may set the tempo for an honest improve. Within the acknowledged case, the value might maybe rise in direction of the $24,650 stage. The subsequent main resistance sits close to the $25,000 stage.

Extra Losses in BTC?

If bitcoin fails to clear the $23,250 resistance zone and the pattern line, it may proceed to maneuver down. A direct assist on the draw back is close to the $22,680 stage.

The subsequent main assist now sits close to the $22,210 stage. It’s close to the 61.8% Fib retracement stage of the important thing improve from the $20,695 swing low to $24,671 excessive. Any extra losses would possibly ship the value in direction of $22,000 stage.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 50 stage.

Main Help Ranges – $22,680, adopted by $22,210.

Main Resistance Ranges – $23,250, $23,520 and $24,180.

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