The price of bitcoin was unable to begin a rebound wave above the resistance zone located at $22,250. Bears continued to be active in the BTC market and drove the price of the cryptocurrency further below the $22,000 support zone.
That paved the way for further losses, and the price went down to a level lower than $21,800. At the level of $21,600, a new monthly low was established, and price action is currently consolidating losses. The price of bitcoin is now trading at a level that is lower than $22,000 and the 100 hourly simple moving average.
The region around the $21,840 level contains an immediate point of resistance. It is currently located close to the 23.6% Fib retracement level of the decline in price from the swing high of $22,600 to the low of $21,600.
The next significant barrier to overcome is located close to the $22,000 zone. In the hourly chart of the Bitcoin to US Dollar currency pair, there is also the formation of a big negative trend line with resistance near $22,050. The trend line is quite near to the 50% Fib retracement level of the decline that began at the swing high of $22,600 and ended at the low of $21,600.
The primary source of opposition is currently located close to the $22,250 zone. If price manages to close over the $22,250 resistance level, there is a good chance that it will continue to rise towards the $22,600 resistance zone. The price may acquire positive momentum if it is able to break over the $23,000 zone, which is the next important resistance level.
If the price of bitcoin is unable to break through the $22,000 resistance level and the trend line, it is possible that it may start a new downward trend. The region around the level of $21,600 provides short-term support for the market. The area around $21,200 is the subsequent significant support, and if it is broken, the price might go all the way down to $21,000. At the level of $20,500 is where traders will find the next significant support. Should there be any further losses, the price may move closer to the $20,000 mark.
The price of bitcoin was unable to begin a rebound wave above the resistance zone located at $22,250. Bears continued to be active in the BTC market and drove the price of the cryptocurrency further below the $22,000 support zone.
That paved the way for further losses, and the price went down to a level lower than $21,800. At the level of $21,600, a new monthly low was established, and price action is currently consolidating losses. The price of bitcoin is now trading at a level that is lower than $22,000 and the 100 hourly simple moving average.
The region around the $21,840 level contains an immediate point of resistance. It is currently located close to the 23.6% Fib retracement level of the decline in price from the swing high of $22,600 to the low of $21,600.
The next significant barrier to overcome is located close to the $22,000 zone. In the hourly chart of the Bitcoin to US Dollar currency pair, there is also the formation of a big negative trend line with resistance near $22,050. The trend line is quite near to the 50% Fib retracement level of the decline that began at the swing high of $22,600 and ended at the low of $21,600.
The primary source of opposition is currently located close to the $22,250 zone. If price manages to close over the $22,250 resistance level, there is a good chance that it will continue to rise towards the $22,600 resistance zone. The price may acquire positive momentum if it is able to break over the $23,000 zone, which is the next important resistance level.
If the price of bitcoin is unable to break through the $22,000 resistance level and the trend line, it is possible that it may start a new downward trend. The region around the level of $21,600 provides short-term support for the market. The area around $21,200 is the subsequent significant support, and if it is broken, the price might go all the way down to $21,000. At the level of $20,500 is where traders will find the next significant support. Should there be any further losses, the price may move closer to the $20,000 mark.
