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Bitcoin prolonged losses under the $23,650 help zone towards the US Dollar. BTC should keep above $23,200 to keep away from extra losses within the close to time period.

• Bitcoin remained in a bearish zone and traded under the $23,650 help.
• The worth is now buying and selling under the $23,650 degree and the 100 hourly easy shifting common.
• There is a connecting bearish development line forming with resistance close to $24,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may prolong losses if there’s a clear transfer under the $23,200 help within the close to time period.

Bitcoin Price Drops Further

Bitcoin worth failed to remain in a optimistic zone above the $24,000 degree. BTC began another decline and traded under the $23,650 help zone.

There was a transparent transfer under the $23,500 degree and the 100 hourly easy shifting common. Finally, the worth discovered help close to the $23,200 zone. A low was shaped close to $23,193 and the worth is now consolidating losses.

Bitcoin worth is now buying and selling under the $23,650 degree and the 100 hourly simple moving average. On the upside, an instantaneous resistance is close to the $23,500 degree. It is close to the 23.6% Fib retracement degree of the latest decline from the $24,438 swing excessive to $23,193 low.

The first main resistance on the upside sits close to the $23,800 degree. It is close to the 50% Fib retracement degree of the latest decline from the $24,438 swing excessive to $23,193 low.

The essential resistance is forming close to the $24,000 zone and the 100 hourly easy shifting common. There can also be a connecting bearish development line forming with resistance close to $24,000 on the hourly chart of the BTC/USD pair. A detailed above the $23,800 and $24,000 resistance ranges would possibly begin one other enhance.

Source: BTCUSD on TradingView.com

In the acknowledged case, the worth might maybe climb in direction of the $24,500 resistance. Any extra positive aspects would possibly ship the worth in direction of the $25,000 degree.

More Losses in BTC?

If bitcoin fails to clear the $24,000 resistance zone, it may proceed to maneuver down. An quick help on the draw back is close to the $23,320 degree.

The subsequent main help now sits close to the $23,200 degree. A draw back break and shut under the $23,200 degree would possibly spark one other decline. In the acknowledged case, the worth would possibly decline in direction of the $22,750 degree.

Technical indicators:

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

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

Major Support Levels – $23,320, adopted by $23,200.

Major Resistance Levels – $23,500, $23,800 and $24,000.