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Bitcoin extended losses below the $23,650 support zone against the US Dollar. BTC must stay above $23,200 to avoid more losses in the near term.
Bitcoin remained in a bearish zone and traded below the $23,650 support. The price now trades below the $23,650 level and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses if there is a clear move below the $23,200 support in the near term.
Bitcoin price failed to stay in a positive zone above the $24,000 level. BTC started another decline and traded below the $23,650 support zone.
There was a clear move below the $23,500 level and the 100 hourly simple moving average. Finally, the price found support near the $23,200 zone.
A low was formed near $23,193, and the price is now consolidating losses. Bitcoin price is now trading below the $23,650 level and the 100 hourly simple moving average.
On the upside, immediate resistance is near the $23,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low.
The first major resistance on the upside sits near the $23,800 level. It is near the 50% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low.
The primary resistance forms near the $24,000 zone and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair.
A close above the $23,800 and $24,000 resistance levels might start another increase. The price may climb towards the $24,500 resistance in the stated case. Any more gains might send the price towards the $25,000 level.
If bitcoin fails to clear the $24,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $23,320 level.
The next significant support now sits near the $23,200 level. A downside break and a close below the $23,200 level might spark another decline. The price might decline towards the $22,750 level in the stated case. - newsbtc.
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