• Bitcoin price started a fresh decline from the $24,000 zone against the US Dollar.
• There is a major bearish trend line forming with resistance near $22,500 on the 4-hours chart of the BTC/USD pair.
• The price could extend its decline towards the $21,500 and $21,000 levels.
Bitcoin price started a fresh decline from the $24,000 resistance zone against the US Dollar. A high was formed near $23,999 before the price started a steady decline below $23,500 and $23,200 support levels. There was also a move below the $22,500 level and the 55 simple moving average (4-hours). The price traded as low as $21,851 and is currently consolidating losses.
An immediate resistance on the upside is near the $22,350 level. It is near the 23.6% Fib retracement level of the downward move from the $23,999 swing high to $21,851 low. There is also a key bearish trend line forming with resistance near $22,500 on the 4-hours chart of the BTC/USD pair. The next major resistance might near be around$22,900 zone which is near 50% Fib retracement level of downward move from swing high to low movement.. A clear move above this level might send bitcoin towards its next target at around$23200 followed by 24K mark..
On downside first major support lies at around 21K mark followed by 21.5K .. If there will be any more losses then it could even dive further to 20K mark.. Any more dips could lead to 20k mark being tested in no time..
Looking at technical indicators , MACD and RSI both are in bearish momentum suggesting that prices may fall further if current levels hold true..
Overall ,bitcoin prices are currently trading below 23k and 55 SMA(4 hours) on hourly charts.. Prices may extend their loses towards 21K or even 20k if current situation persists for some time . On Upside 22K will act as strong resistance followed by 22.9 and 23200 marks .