TA: Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $24.5K
17 August 2022 - 12:28PM
NEWSBTC
Bitcoin is struggling below $24,500 against the US Dollar. BTC
could continue to move down below the $23,650 and $23,500 support
levels. Bitcoin is slowly moving lower and trading well below the
$25,000 level. The price is now trading below the $24,200 level and
the 100 hourly simple moving average. There is a key bearish trend
line forming with resistance near $24,020 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could extend
losses below the $23,650 and $23,500 support levels in the near
term. Bitcoin Price Turns Red Bitcoin price started a slow and
steady decline from the $25,000 resistance zone. BTC declined below
the $24,650 and $24,500 levels to move into a short-term bearish
zone. There was a break below the $24,000 level and the 100 hourly
simple moving average. The price traded as low as $23,673 and is
currently consolidating losses. On the upside, an immediate
resistance is near the $24,000 level. It is near the 23.6% Fib
retracement level of the recent drop from the $25,200 swing high to
$23,673 low. There is also a key bearish trend line forming with
resistance near $24,020 on the hourly chart of the BTC/USD pair.
The first major resistance on the upside sits near the $24,250
level and the 100 hourly simple moving average. The next key
resistance is near the $24,450 zone. It is near the 50% Fib
retracement level of the recent drop from the $25,200 swing high to
$23,673 low. A close above the $24,450 and $24,500 resistance
levels might start another increase. Source: BTCUSD on
TradingView.com In the stated case, the price may perhaps climb
towards the $25,000 resistance. Any more gains might send the price
towards the $25,800 level. More Losses in BTC? If bitcoin fails to
clear the $24,450 resistance zone, it could continue to move down.
An immediate support on the downside is near the $23,675 level. The
next major support now sits near the $23,450 level. A downside
break and close below the $23,450 level might put a lot of pressure
on the bulls. In the stated case, the price might decline towards
the $22,750 level. Technical indicators: Hourly MACD – The MACD is
now gaining pace in the bearish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now below the 50 level. Major
Support Levels – $23,650, followed by $23,500. Major Resistance
Levels – $24,020, $24,450 and $24,500.
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