Bitcoin dips below $23K because of the heavy pressure that was building around Ripple’s lawsuit, and now BTC traded below $23,000 while the buyers remain comfortable. In today’s Bitcoin news, we take a closer look at the price analysis.
Bitcoin started a fresh decline after failing to clear the $24,000 resistance zone with the price now trading below the $23,000 support and the 100 hourly simple moving average. There was a break below the major bullish trend line and the support set at $23,350 on the hourly charts of the pair with the pair likely to remain well supported on the downside near $22,350.
There was another attempt by the price to clear the $24,000 resistance level but the coin struggled to gain more momentum and started a fresh drop from the $24,086 swing high. Bitcoin dips below $23K support and there was also a break below the major bullish trend line with the support near the $23,350 on the hourly charts of the pair. The drop gained more pace below the $23,000 and the price settled below the 100 hourly simple moving average.
It then traded as low as $22,629 but it is now correcting higher. The initial resistance is near the $22,90 level and gets closer to the 23.6% fib retracement level from the recent decline at the $24,081 high to the $22,629 low. There’s also a bearish trend line forming on the same charts with the next major resistance being near the $23,360 level and the 100 hourly simple moving average. The 50% retracement level from the decline near the $22,629 low also nearing the $23,360. Bitcoin’s price has to break the trend line and gain more pace above $23,360 to start a fresh increase with the main hurdle for the bulls being near the $24,000 zone.
If BTC fails to clear the $23,000 and the $23,360 resistance levels there are bigger risks of downsides and the initial support awaiting near the $22,650 zone. The first major support is near the $22,350 level with the main support nearing the $22,000 level below which there’s a risk of sustained downward move in the upcoming sessions with the hourly MACD gaining momentum in the bearish zone. The hourly RSI for the pair is now well below the 50 level.
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