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Bitcoin is exhibiting a number of bearish indicators under the $24,000 resistance zone in opposition to the US Dollar. BTC is declining and would possibly take a look at the $22,000 assist zone.

• Bitcoin is slowly shifting decrease under the $24,000 pivot degree.
• The worth is now buying and selling under the $23,500 degree and the 100 hourly easy shifting common.
• There is a key bearish pattern line forming with resistance close to $23,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may proceed to maneuver down in the direction of the $22,000 assist within the close to time period.

Bitcoin Price Starts Decrease

Bitcoin worth failed to start out a recent enhance above the $24,000 resistance zone. The worth began a recent decline and settled under the $23,500 assist zone.

There was a transparent transfer under the 23.6% Fib retracement degree of the upward transfer from the $20,695 swing low to $24,670 excessive. The worth is now exhibiting bearish indicators under the $23,500 degree and the 100 hourly simple moving average.

There can be a key bearish pattern line forming with resistance close to $23,300 on the hourly chart of the BTC/USD pair. The present worth motion suggests bitcoin may proceed to maneuver down, with a direct assist at $22,800.

On the upside, the value is going through resistance close to the $23,300 degree and the pattern line. The subsequent key resistance is close to the $23,750 zone and the 100 hourly easy shifting common.

Source: BTCUSD on TradingView.com

The predominant resistance may very well be close to the $24,000 zone. An in depth above the $24,000 resistance zone may set the tempo for a recent enhance. In the said case, the value might maybe rise in the direction of the $24,500 degree. The subsequent main resistance sits close to the $25,000 degree.

More Losses in BTC?

If bitcoin fails to clear the $23,300 resistance zone, it may proceed to maneuver down. An instant assist on the draw back is close to the $22,800 degree.

The subsequent main assist now sits close to the $22,680 degree. It is close to the 50% Fib retracement degree of the upward transfer from the $20,695 swing low to $24,670 excessive. Any extra losses would possibly ship the value in the direction of $22,000 degree.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 degree.

Major Support Levels – $22,680, adopted by $22,000.

Major Resistance Levels – $23,300, $23,750 and $24,000.