Bitcoin failed to recover above $23,000 against the US Dollar. BTC started a fresh decline and remains at a risk of a move below the $20,000 support.
- Bitcoin failed to climb above $23,000 and started a fresh decline.
- The price is now trading below the $22,000 level and the 100 hourly simple moving average.
- There is a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains at a risk of a move below the $20,000 support zone in the near term.
Bitcoin Price Revisits $20K
Bitcoin price attempted a fresh increase above the $22,000 level. However, the bears were active near the $22,800 and $23,000 levels. A high was formed near $22,950 and the price started a fresh decline.
There was a clear move below the $21,500 level and the price settled below the 100 hourly simple moving average. The price even declined below the $21,000 level and traded close to the $20,000 support zone. A low was formed near $20,200 and the price is now attempting an upside correction. Download Bitcoin Miner . Safe install and earn BTC.
There was a move above the $20,500 resistance level. Bitcoin is now testing the 23.6% Fib retracement level of the recent decline from the $22,950 high to $20,200 low. There is also a new connecting bearish trend line forming with resistance near $20,850 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $21,000 level. The first major resistance is near the $21,550 level.
Source:The 50% Fib retracement level of the recent decline from the $22,950 high to $20,200 low is also near the $21,550 level. Any more gains might send the price towards the $22,300 level or the 100 hourly simple moving average. The main resistance is still near the $23,000 level.