skrimon Posted August 18, 2022 Report Share Posted August 18, 2022 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. P.S: If you're fed up with slow trade executions, then buckle up as AssetsFX is currently offering lightning-fast trade executions along with an ultra-wide range of trading opportunities! Bitcoin Price Drops Further 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. More Losses In BTC? 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. Thanks For Reading! Link to comment Share on other sites More sharing options...
TGF Premium DoubleCycleBiz Posted August 18, 2022 TGF Premium Report Share Posted August 18, 2022 If you do not trade and want to hold, then in the current global situation it is not worth doing. Link to comment Share on other sites More sharing options...
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