Bitcoin is gaining bullish momentum above $24,500 against the US Dollar. BTC could gain bullish momentum if it clears the $25,000 resistance zone. Bitcoin started a fresh increase above the $24,200 resistance zone. The price is now trading above the $24,000 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a clear move above the $25,000 resistance. Bitcoin Price Gains Momentum Bitcoin price attempted a fresh increase above the $24,500 resistance zone. BTC gained pace for a move above the $24,800 level, with a close above the 100 hourly simple moving average. The price even spiked above the $25,000 level. A high was formed near $25,045 before there was a downside correction. There was a move below the $24,500 support level. The price declined below the 50% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high. However, the bulls were active near a key support at $24,200. The 61.8% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high acted as a support. There is also a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $24,000 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $24,800 level. The next key resistance is near the $25,000 zone. A close above the $25,000 resistance zone could start another increase. In the stated case, the price may perhaps test the $25,800 resistance. Any more gains might send the price towards the $26,200 level. Dips Supported in BTC? If bitcoin fails to clear the $25,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $24,600 level. The next major support now sits near the $24,500 level, the trend line, and the 100 hourly SMA. If the bears push the price below the $24,500 support level, there might be a move towards the $24,200 level. Any more losses might send the price towards $23,500 level. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $24,500, followed by $24,200. Major Resistance Levels – $25,000, $25,800 and $26,200.
ApeCoin (APE) has been a high-performer with the price surge seen in the past couple of weeks. ApeCoin moving erratic in an ascending parallel channel. Price maintains to hold above the key support zone of $6.5. APE/USD pair gearing sideways spotted at 0.000286 Satoshis. The buying pressure has been impeccable pushing the prices way up. With the recent uptrend, APE registered a 9-week high peaking at $7.8 in the past week. On the other hand, buyers are trying to keep the coin soaring this week – and it seems like they’re facing hard times. The altcoin is seen to retrace by 2.5% as seen in the past seven days with increased selloffs looming in the next coming days. Related Reading: Polkadot (DOT) To Retest $9.88 Resistance – Can Bulls Regain Solid Footing? APECoin Price Trades at $6.83 According to CoinMarketCap, APE coin price has dropped by 1.39% and trading at $6.83 as of press time. A weekly price candle has shaped up in conformity with the past bullish candle. On the 4-hour timeline, the altcoin’s price action is observed to appear with a strong wave of higher-lows and higher-highs within the ascending parallel channel. At this point, buyers are trying to maintain APE as it hovers above the support line of $6.5. A bullish hurdle for the bulls is spotted right at $8.0. Now, if the bulls are able to breach this critical resistance zone, then $10 may be the next target. The RSI for APE has hovered downwards to revisit the semi-line as seen on the daily price timeline. Despite the MACD staying above the neutral zone, it still looks rather tepid or flat. More so, the histogram is also weakening. RSI Shows Retracement; Bears Trying To Claw Their Way In ApeCoin still managed to trade in an upward parallel channel despite the withdrawal in price seen close to the resistance level of $8.0. RSI shows a bit of retracement and in the event that RSI breaches below the half-line, the bears could potentially breach the parallel channel. On the daily chart, APE has dipped to 20 EMA or below 100 DMA but is trying to hold on positioning itself above 50 EMA. More so, APE coin price is seen to trade within an ascending parallel channel for over a month now or since July 13. The bears kept on clutching the token but the bulls are not taking it lightly and continuously trying to swing the token near the upper trendline. APE coin currently trades showing strong downward movement closing near the lower trendline of the ascending parallel channel. Now, APE coin must gain massive support from the bulls the soonest it gets into the trendline and hit reverse to prevent further dips below the channel. Related Reading: Filecoin Cruises Near Resistance, Now Attempts For A Breakout APE total market cap at $2.09 billion on the weekend chart | Source: TradingView.com Featured image from AirdropAlert, Chart from TradingView.com
Polkadot (DOT) price reveals that the extreme bullish movement pumped the price reaching $9.54. DOT price extremely bullish; set to retest $9.88 key resistance level. Support spotted at the $9.29 zone. Polkadot pumped up its price to $9.54. DOT’s price trendline has spiked for the past couple of weeks following the coin’s overwhelming gains over the past few days. Today, DOT/USD is trying to test the $9.87 key resistance level which is pretty strong. However, if the bulls continue to push further then DOT will have no problem breaching this critical resistance zone. Related Reading: Filecoin Cruises Near Resistance, Now Attempts For A Breakout DOT Price Pumped To $9.54 On the 24-hour timeframe, DOT price has shown a boost in price value as it pumped its price to $9.54 a few hours ago. According to CoinMarketCap, DOT is now trading at $9.49 or showing an impressive spike of 2.20% as of this writing. DOT price was down by a trickle in a few hours but is still on the green lane. The DOT/USD pair has shown a remarkable 10.05% gain in terms of value as seen in the past week which hints a continuation of the bull run. On the flip side, trading volume for DOT tremendously fell by 12.66% which shows some weak spots in terms of momentum. DOT/USD pair shows increased volatility as seen in the expansion of the Bollinger bands. The price is seen to be trading the upper limit with $9.99 as the current key resistance, and the lower band or $6.84 poised as the current support zone for the coin. More so, the EMA is spotted at $9.10 with RSI at 64 which is indicates strong buying pressure in the market. Polkadot Price Correction Anticipated The 4-hour timeframe shows that DOT price breached upwards which was observed at the onset of the trading session which prompted the price to spike to $9.58, but when the selling pressure resurfaced, the price also went down in the last few hours. The 4-hour chart for DOT shows a rather very mild volatility. The upper band is spotted at $9.84, while the lower band is found at $8.73. More so, the EMA trades at the $9.35 level with the RSI showing a mild downtrend as it continue to trade at index 62 propelled by the immense selling pressure. DOT price reveals that the coin is working extremely hard to override the key resistance found at $9.87, as the price is still seen trading on the green. A price correction is expected for short-term or in a just a few hours before the coin retests the key resistance zone again. On the other hand, if the bears manage to dominate the bulls, then DOT may hold on to $9.29 as its next support zone. Related Reading: Decentraland Consolidates Near $1.05 – Can MANA Attract Buyers Now? DOT total market cap at $10.3 billion on the weekend chart | Source: TradingView.com Featured image from Bitcoin Addict, Chart from TradingView.com
Axie Infinity (AXS) price has nosedived following a surprise entry by the bears as seen in the daily price chart. AXS hovering above both the 20- and 50-day EMA Axie Infinity price dropped as the bears slammed investors shut after going all-in with the recent uptick. The AXS/BTC pair has nosedived by 1.66% or at 0.0007748 BTC If the bears can maintain this momentum, the bulls’ effort to recover will be put in vain. Now, to agitate and defeat the bears, the token will need to attract more buyers plus the bulls will need to get their heads together to boost AXS. To date, the trading volume has dropped which is making the investors anxious and poses a bit of concern, especially for the bulls. Related Reading: Sandbox (SAND) Price Up 76% Since June Courtesy Of Metaverse Hype Axie Bearish Stride Short-Lived On the brighter side, crypto experts believe that this recent dip will be short-lived so investors should be ready to dive in once the green light is on. Chart from TradingView.com According to CoinMarketCap, AXS token trades at $18.06, or a dip of 4.29% as of this writing. AXS coin trading volume registered a drop of 0.4% or at 14 million. While the loss isn’t much, it still harbors the danger of eventually pulling the price further down. AXS’s market cap is at 0.09577. The bearish perspective of AXS seems to be nearing its exit as the daily price chats showed multiple EMAs or a successful crossover. MACD on the daily chart also exhibited that the buyer’s line is hovering over the signal line of the seller with a very little gap. Now, if the bulls can successfully contradict the bearish movement then immense growth is anticipated. RSI value is currently almost 59. AXS Profitability Surpasses 23% Loss After going with the upward flow of AXS, the price has dangerously plunged as the bears crashed the party. However, GameFi projects like Axie Infinity thrive amid market crashes and volatility compared to other digital assets. AXS is said to have dropped by as much as 90% after it has risen by 40% when it hit a low in June. Axie Infinity had its ATH in November at $160 but since then everything is just looking for the coin. The altcoin marked its all-time high of $160 back in November 2021. However, it has consistently been on a downtrend. But, one good thing with AXS investors is that they can roll with the punches because they were already raking in profit for the longest time. With this month’s 40% improvement on gains, AXS investors noted that only 22.29% have experienced losses which is very minimal compared to the profits which are said to spike way above its ATH. Related Reading: SOL Makes Another Shot At $44, After Two Failed Attempts This Week AXS total market cap at $1.6 billion on the daily chart | Source: TradingView.com Featured image from BSC News, Chart from TradingView.com
Bitcoin Resumes Consolidation Above $23.9K as Btc Price Turns Down From $24.9K High – August 11, 2022 Bitcoin bulls have made third attempts and failed […]
Bitcoin traded close to $25,000 before it corrected lower against the US Dollar. BTC must stay above the $23,500 support to start another increase. Bitcoin started a fresh increase above the $24,000 resistance zone. The price is now trading above the $23,600 level and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is now approaching a major support zone near $23,600 and $23,500. Bitcoin Price Corrects Lower Bitcoin price gained pace after there was a clear move above the $24,000 resistance zone. BTC broke the $24,200 level to move further into a positive zone. The price even climbed above the $24,500 level and traded close to the $25,000 level. A high was formed near $24,900 and the price started a downside correction. There was a move below the $24,500 support level. Besides, there was a break below a major bullish trend line with support near $24,000 on the hourly chart of the BTC/USD pair. Bitcoin price even traded below the 23.6% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high. However, the price is now trading above the $23,600 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $24,200 level. Source: BTCUSD on TradingView.com The next key resistance is near the $24,500 zone. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps test the $25,000 resistance. Dips Limited in BTC? If bitcoin fails to clear the $24,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,800 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the upward move from the $22,686 swing low to $24,901 high. The next major support now sits near the $23,500 level. If the bears push the price below the $23,500 support level, there might be a move towards the $23,000 level. Any more losses might send the price towards $22,500 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $23,800, followed by $23,500. Major Resistance Levels – $24,200, $24,500 and $25,000.
Filecoin is range-bound within $0.070 and $0.064 Filecoin Price Analysis – August 12 Should bears increase their momentum, there is a probability that the price […]
Ethereum has recorded a large upwards movement in the last month following the announcement made about the Merge. A more definite launch time in September has seen the market rally around the altcoin, causing it to surge drastically. With each day, the Merge draws closer, and Ethereum tests another technical level. This time around, the cryptocurrency has set its sight on the $2,000 level as it continues to trade in the green. Will ETH Reach $2,000? Ethereum’s most recent break above the $1,900 level has laid the foundation for a larger bounce upward. This time around, ETH is looking towards the important technical level of $2,000, where the bears have now begun to make their stand. Related Reading: Recovery Market Sentiment Sees Investors Take More Risk With Altcoins However, despite the mounting resistance, the accumulation trend in ETH has provided strong momentum for it. The last 30 days alone have seen the digital asset add more than 50% to its value, but bulls are not satisfied with this. Data shows that Ethereum whales have been taking advantage of the low prices and upping their investments. A single whale had bought approximately $1.7 billion in ETH futures in the past weeks, and others have rocked to follow suit. ETH jumps above $1,900 | Source: ETHUSD on TradingView.com Exchange net flows also show a similar accumulation rend where investors look to be moving out their ETH from centralized exchanges. In the last 24 hours, $739.3 million in ETH were moved from CEXes, which left a negative net flow of -$156.7 million for the day. Ethereum Merge Propels Growth At this point, it is no longer a secret that the Ethereum Merge is behind the recent recorded growth. There has been growing anticipation regarding the upgrade, with mixed feelings coming from investors on what will happen after, but one thing that has remained consistent has been the bullish sentiment going into the Merge. Related Reading: Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue As expected, there has been rallying support for hard forks, which are expected to happen following the Merge, but the ETH PoS is still receiving massive support. More users have also flocked to stake their ETH ahead of the Merge, leading to a record number of ETH being staked. At this point, about 10% of the total ETH supply is staked. There is no certainty of what will happen to the price of ETH once the upgrade is completed. The price can go either way, depending on the sentiment of investors towards the digital asset. However, the consensus remains that moving to proof of stake is a pivotal event for the network to move towards more mainstream adoption. Featured image from MARCA, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
On-chain data shows the Bitcoin aSOPR indicator has found resistance at the historical junction between bull and bear markets. Bitcoin aSOPR Fails Retest Of The “Value=1” Line As pointed out by an analyst in a CryptoQuant post, the BTC aSOPR has been rejected from the breakeven mark recently. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether Bitcoin investors are selling at a loss or at a profit right now. The metric works by looking at the on-chain history of each coin being sold to see what price it was last moved at. If the previous selling price of any coin was less than the current value of BTC, then that particular coin has just been sold at a profit. While if it’s otherwise, then the coin realized some loss. Related Reading: Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon? A modified version of this indicator, the “Adjusted SOPR” (aSOPR), excludes from its calculations all those coins that were held for less than 1 hour before being sold. The benefit of this modification is that it removes all noise from the data that wouldn’t have had any significant implications on the market. Now, here is a chart that shows the trend in the Bitcoin aSOPR over the past coupe of years: Looks like the value of the metric has been below one in recent days | Source: CryptoQuant When the value of the aSOPR is greater than one, it means the average investor is selling at a profit right now. On the other hand, the metric being lesser than the threshold suggests the overall market is moving coins at a loss. As you can see in the above graph, the analyst has marked the relevant zones of trend for the Bitcoin aSOPR. It seems like during bull markets, the “1” value of the metric has acted as support, while during bears it has provided resistance. Related Reading: Glassnode: Bitcoin Long-Term Holders Have Shifted To Distribution Recently The significance of this line is that its the breakeven mark for investors as at this value holders are just breaking even on their selling. During bulls, investors think of this line as a good buying opportunity, but in bears they see it as an ideal selling point. Recently, the aSOPR attempted a retest of this mark, however, it was rejected back into the loss zone. If the historical pattern is anything to go by, this current trend would mean Bitcoin is still stuck in a bear market. BTC Price At the time of writing, Bitcoin’s price floats around $24.5k, up 7% in the past week. The value of the crypto has surged up during the past day | Source: BTCUSD on TradingView Featured image from Peter Neumann on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Bitcoin price found support above $22,500 and surged over 6% against the US Dollar. BTC broke many hurdles and might rise further towards the $25,000 resistance. Bitcoin started a fresh increase after it found strong bids above $22,500. The price is now trading above the $23,500 level and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is forming a bullish breakout pattern and might rise towards $25,000. Bitcoin Price Breaks Resistance Bitcoin price remained well supported above the $22,500 zone. BTC formed a double bottom pattern near the $22,500 level and started a strong increase. There was a move above the $23,000 and $23,500 resistance levels. The price even surged above the $24,000 resistance. There was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC/USD pair. Bitcoin price even broke the $24,200 resistance and traded as high as $24,488. It is now consolidating gains above the $24,200 support zone. It is also well above the 23.6% Fib retracement level of the upward move from the $22,685 swing low to $24,488 high. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $24,450 level. The next key resistance is near the $24,500 zone. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps rise towards the $25,000 resistance. Dips Limited in BTC? If bitcoin fails to clear the $24,500 resistance zone, it could correct lower. An immediate support on the downside is near the $24,200 level. The next major support now sits near the $24,000 level. If the bears push the price below the $24,000 support level, there might be a move towards the $23,550 level. It is near the 50% Fib retracement level of the upward move from the $22,685 swing low to $24,488 high. Any more losses might send the price towards $23,450 level or the 100 hourly simple moving average. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level. Major Support Levels – $24,200, followed by $23,500. Major Resistance Levels – $24,450, $24,500 and $25,000.
Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As do other tokens. The token is trying to keep up with the upward tilt. Remarkably, XMR price is trying hard to recover and keep up with the pace but it seems XMR is doing a great job as it’s currently on the green and winging it. The daily price chart shows that XMR price is trying to soar upwards. Monero is gaining strides as it shoots up close to the top trendline of the channel. In order for XMR to rebound or go through the target resistance, the coin must maintain its current pace in terms of price. Related Reading: SOL Fails To Notch New 60-Day Peak, Despite Recent Advances Monero (XMR) Price Surges 4.33% For XMR to shoot hoops at a bullish pace and breach the ascending parallel channel, the XMR bulls must push through its upward movement. However, it seems the bears are attempting to weaken the XMR market. With a frail market, it is challenging for XMR and other cryptocurrencies to recover. XMR investors must hold it off until such time that the bulls can maneuver and maintain the current position found at the top trendline of the ascending parallel channel. According to CoinMarketCap, Monero price is currently trading at $167.68 or showing off an increase of 4.33%. Trading volume was seen to drop by 6.88% as depicted in the intraday trading session. As of press time, bears try to drag the token towards the lower trendline of the ascending channel. Related Reading: CryptoDickbutts NFTs Erect Nearly 700% In Daily Sales Volume Bulls’ Accumulation Pivotal For XMR Price Rally It would need more buyers for XMR price to leap quickly closer to the top trendline of the channel. But, the volume change also indicates that boosting the bulls’ accumulation is pivotal for XMR price to surge. For XMR to show significant recovery on the daily price chart, XMR price must move closer to the upper trendline. The daily price chart for XMR price shows the formation of a rising parallel channel. More so, the technical indicators for Monero show the token’s downward trend in terms of momentum. RSI at 58 also shows a downward movement for XMR which is gearing close to a neutral zone. MACD is showing the downward movement of XMR as it glides under the signal line following a failed crossover. Hence, XMR investors will need to wait on the sidelines for any changes on the daily chart. XMR total market cap at $3.02 billion on the weekend chart | Source: TradingView.com Featured image from The Market Periodical, Chart from TradingView.com
The price of Binance coin (BNB) continues to look strong as it holds its support against Tether (USDT) after the Consumer Price Index (CPI) announcement. The CPI tends to provide a gauge as regards inflation in the economy while instigating BTC prices and other altcoins. Related Reading: MANA Bulls May Outsmart The Bears If They Stick To These Support Lines Bitcoin’s (BTC) price saw a pullback from $24,200 to $22,800 despite showing signs of a relief rally but was faced with resistance to breakout. Despite the shake-out, the price of the Binance coin remained strong. (Data feeds from Binance) Price Analysis Of BNB On The Weekly Chart From the chart, the price of BNB saw a weekly low of around $210, which bounced from that area and rallied to a price of $330. The price has built more momentum as it faces resistance at $336. If the price of BMB on the weekly chart continues with this bullish structure, it could quickly revisit $450. Weekly resistance for the price of BNB – $336. Weekly support for the price of BNB – $300, 210. Price Analysis Of BNB On The Daily (1D) Chart The price of BNB found strong support at around $270, with what seems to be an area of interest on the daily chart. BNB bounced from its support, forming a trendline as it faces resistance to break above $336. At the point of writing, the price of BNB is at $333, trying to break the resistance at the $336 area. If the price of BNB breaks above the $336 resistance with good volume the price of BNB could rally to a high of $450. The trendline formed by BNB acts as the support and area of interest for subsequent buy bids. A break of this trendline below invalidates the setup. With more buy bids, and the positive CPI announcement we could see the price of BNB trending higher. The RSI for the price of BNB on the daily chart is above 70, indicating healthy buy bids for BNB. The volume for BNB indicates buy bids, this shows bulls would want to push the price higher. Daily (1D) resistance for BNB price – $336. Daily (1D) support for BNB price – $270, $220. Price Analysis OF BNB On The Four-Hourly (4H) Chart The price of BNB has continued to maintain its bullish structure despite retracing to its trendline support on the 4H chart, as the price faces resistance at $336. BNB price is $333, trading above the 50 and 200 EMA with prices of $310 and $280 on the 4H chart. These prices would act as support areas for BNB on the 4H chart. Four Hourly (4H) resistance for BNB price – $336. Four hourly (4h) support for BNB price – $310, $280. With the positive CPI news, the price of BNB could break the resistance and would trend higher. Related Reading: TA: Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses Featured image from Bitnovo, Charts from TradingView.com
Uniswap price at the current moment has displayed a downward movement on its chart. The coin lost the $9 price mark and was moving closer to its local support level. Over the last 24 hours, UNI depreciated considerably by 6%. Most gains that UNI logged were lost over the past week. The technical indicator for UNI has depicted mixed trading signals. The buyers in the market have left owing to the recent fall in price. For Uniswap price to pick up momentum, buying strength and demand for the coin remain quite crucial. As selling pressure mounted, UNI started to flash bearish price signals on its chart. The price of the altcoin needs to experience a breakout for the bulls to drive the price momentum. The coin broke below its $8.40 support line and fell below that. An increase in demand for the coin can help UNI recover over the next trading sessions. Uniswap Price Analysis: Four-Hour Chart The altcoin was priced at $8.30 at the time of writing. Uniswap lost its immediate support line and the bears have changed that level to a resistance mark for the coin. Overhead resistance for the altcoin was at $8.76, however, a tough price ceiling for the altcoin was at $9.30. The coin has tried to break past the mentioned price mark a couple of times but was met with sellers in the market. The immediate price floor for the coin stood at $7.80. Although over the past few weeks UNI has recovered considerably, the demand for UNI has to keep growing. The volume of UNI traded in the last session has declined as there has been a fall in buying strength. Technical Analysis UNI had moved closer to the oversold zone over the last trading sessions, however, it did not touch that zone. At the moment, the coin has low buying strength but the coin was not overbought. The Relative Strength Index noted an uptick below the half-line signifying that the demand for the altcoin could register an increase over the next sessions. Uniswap price was seen below the 20-SMA line, this signalled bearishness in the market. It also depicted that the sellers were driving the price momentum in the market. Related Reading: Why Are Crypto Investors Rotating From Bitcoin To Altcoins? The altcoin has flashed bearish signals on most technical indicators. UNI registered a sell signal on the four-hour chart. Moving Average Convergence Divergence depicts the price momentum and change in the momentum. As demand for UNI has remained low, MACD underwent a bearish crossover and displayed red histograms. The red histograms were sell signal for UNI. Chaikin Money Flow determined the capital inflows and outflows. CMF was below the half-line as capital inflows were less than outflows at the time of writing. With increased demand and buying strength, the coin will attempt to move up on its chart. Related Reading: Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon? Featured image from TechCentral, chart from TradingView.com
Bitcoin price started a fresh decline from the $24,250 resistance zone against the US Dollar. BTC declined below $23,000 and remains at a risk of more losses. Bitcoin started a fresh decline below the $23,500 support zone. The price is now trading below the $23,500 level and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $23,250 resistance to start a fresh increase in the near term. Bitcoin Price Breaks Support Bitcoin price struggled to gain pace above the $24,000 resistance zone. The price formed a top near $24,285 and started a fresh decline. There was a clear move below the $23,800 and $23,500 support levels. The bears pushed the pair below the 61.8% Fib retracement level of the upward move from the $22,846 swing low to $24,286 high. Besides, there was a break below a major bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below the $23,500 level and the 100 hourly simple moving average. It is now consolidating above the key $22,650 support zone. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $23,250 level. The next key resistance is near the $23,500 zone. A close above the $23,500 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $24,000 resistance. Downside Break in BTC? If bitcoin fails to clear the $23,500 resistance zone, it could continue to mov down. An immediate support on the downside is near the $22,650 level. The next major support now sits near the $22,500 level. A close below the $22,500 level might start a move towards $22,000. If the bears remain in action, there is a risk of a move towards the $21,500 level in the coming sessions. Any more losses might send the price towards $20,500 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 well below the 50 level. Major Support Levels – $22,650, followed by $22,500. Major Resistance Levels – $23,250, $23,500 and $24,000.