Bitcoin Price Analysis: BTC At Risk of Another Decline

• Bitcoin price started a fresh decline from the $24,200 zone against the US Dollar.
• The price is now trading below $23,000 and the 55 simple moving average (4-hours).
• There is a key bearish trend line forming with resistance near $22,300 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
• The pair could continue to move down if it stays below the $22,300 and $22,800 resistance levels.

Bitcoin price is declining below $23,000 against the US Dollar. BTC might extend losses if it stays below the $22,300 resistance zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $24,200 resistance zone. A high was formed near $24,148 before the price started a steady decline. There was a clear move below the $23,500 and $23,200 support levels.

There was a move below the $23,000 level and the 55 simple moving average (4-hours). The price traded as low as $21,467 and recently started a minor upside correction. There was a move above the 23.6% Fib retracement level of the downward move from the $24,148 swing high to $21,467 low.

It is now trading below $23,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $22,300 level.

There is also a key bearish trend line forming with resistance near $22,300 on the 4-hours chart of the BTC/USD pair. The next major resistance might near the $22,800 zone. It is near the 50% Fib retracement level of the downward move from the $24,148 swing high to $21,467 low.

A clear move above the $22,800 level might send the price towards $23,200, above which the price might rise towards the $24,000 level. Any more gains might push the price towards the $25,500 zone.

If there is no upside break, the price might decline below the $21,750 level. The first major support is near $21,500. The next key support is near the $21,200 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $20,500 level. Any more losses might send the price towards the $20,000 level.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $23,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $22,300 and $22,800 resistance levels.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $21,750 and $21,500.

Key Resistance Levels – $22,300, $22,800 and $24,000.

Tags: bitcoin, BTC