Search Coins

NFT Collection The Superlative Secret Society Price, Stats, and Review

cryptodaily.co.ukin 2 years
-2

Bitwise is still the only company that disclosed its BTC addresses. Why don’t others follow?

crypto.news6 minutes ago
0

US Senate Clears Cloture Vote on Controversial Stablecoin Bill

cryptodaily.co.uk12 minutes ago
0

Microsoft Taps Blockchain Data in Azure Fabric via Space and Time Integration

coindoo.com13 minutes ago
0

Vitalik Buterin warns of centralized weakness: Can stateless nodes save Ethereum?

ambcrypto.com20 minutes ago
0

Auradine Expands Bitcoin Mining Solutions with Advanced ASIC Chips, Cooling Systems, and Modular Megawatt Containers

bitcoinmagazine.com21 minutes ago
0

Looking for the Best Crypto for the Next Bull Run? Punisher Coin Lets You Create, Vote & Earn From Viral Memes

www.livebitcoinnews.com21 minutes ago
0

Senate stablecoin vote splits Democrats amid concerns over corruption

cointelegraph.com21 minutes ago
0

Kraken launches crypto futures in Europe under MiFID II framework

crypto.news23 minutes ago
0

S&P 500 slips as stocks signal pullback

crypto.news24 minutes ago
0

Kraken expands in Europe with regulated crypto derivatives

cointelegraph.com34 minutes ago
0

Crypto Price Prediction: 3 Altcoins That Could Explode Ahead of May 22 Trump Dinner

coingape.com36 minutes ago
0

Bitcoin Market Cap Breaks All Time High; Moves Past Silver and Google

coingape.com39 minutes ago
0

Blackrock, Fidelity, Ark 21shares Fuel $667 Million Surge in Bitcoin ETFs

news.bitcoin.coman hour ago
0

Massive XRP Selling Pressure Is Stalling Price Action, Analyst Warns

www.newsbtc.coman hour ago
0

India’s Supreme Court Pushes Government for Clear Crypto Regulations

coingape.coman hour ago
0

German gov’t missed out on $2.3B profit after selling Bitcoin at $57K

cointelegraph.coman hour ago
0

“Will lead to people dying” TechCrunch Founder on Coinbase Data Breach

coingape.coman hour ago
0

Ethereum price breakout in sight: Golden Cross could ignite rally to $4,000

crypto.newsan hour ago
0

‘Double Your BDAG’ offer ends in 24h: Last shot to multiply before it’s gone

crypto.newsan hour ago
0

Bitget Launches Live Streaming, Accelerating Real-Time Engagement for Crypto Content Creators

news.bitcoin.coman hour ago
0

Unstaked Hits $6.5M Presale by Reinventing Crypto With User Incentives and AI Engagement

coindoo.coman hour ago
0

Shiba Inu: 1 trillion SHIB tokens bought: How will prices react?

ambcrypto.coman hour ago
0

Strategy Buys Another 7,390 Bitcoin: How Much Profit Is The Firm Holding Now?

bitcoinist.coman hour ago
0

Top Crypto Presale to Watch in May: Punisher Coin Offers Better ROI Potential Than Solaxy and Quebetics

www.livebitcoinnews.coman hour ago
0

TA: Bitcoin Price Trades Heavy, Why BTC Could Soon Test $20K

Aug 24, 2022 2:08 AM +00:00
0

Bitcoin is struggling to recover above $21,500 against the US Dollar. BTC is consolidating and remains at a risk of a move towards the $20,000 support.



  • Bitcoin is consolidating above $21,000 and facing a lot of hurdles.

  • The price is now trading above the $21,200 level and the 100 hourly simple moving average.

  • There is a key bearish trend line forming with resistance near $22,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could recover higher, but upsides might be limited above the $22,000 resistance zone.


Bitcoin Price Faces Hurdles

Bitcoin price remained well bid above the $21,000 support zone. BTC formed a base above $21,000 and started a consolidation phase.


There was a minor upward move above the $21,250 and $21,350 levels. The price was able to surpass the $21,500 level and the 100 hourly simple moving average. However, the bears were active near the $21,640 resistance zone.


It seems like the 23.6% Fib retracement level of the main drop from the $24,415 swing high to $20,797 low is acting as a strong resistance. Bitcoin price is now trading above the $21,200 level and the 100 hourly simple moving average.


On the upside, an immediate resistance is near the $21,500 and $21,640 levels. The first major resistance on the upside sits near the $22,000 level.


If there is an upside break above the $22,000 resistance zone, the price may perhaps rise towards the $22,500 resistance zone. There is also a key bearish trend line forming with resistance near $22,500 on the hourly chart of the BTC/USD pair.



Source: BTCUSD on TradingView.com

The trend line is near the 50% Fib retracement level of the main drop from the $24,415 swing high to $20,797 low. Any more gains might send the price towards the $23,000 resistance zone.


Fresh Decline in BTC?

If bitcoin fails to clear the $22,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $21,000 level.


The next major support now sits near the $20,800 level. A clear move below the $20,800 support and the last swing low might spark a fresh decline. In the stated case, the price might decline towards the $20,000 level.


Technical indicators:


Hourly MACD – The MACD is now losing pace in the bearish zone.


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


Major Support Levels – $21,000, followed by $20,800.


Major Resistance Levels – $21,640, $22,000 and $22,500.

Share This Article


Get the most out of CoinFi News!

Save coins into your Watchlist and be the first to know about the latest market moving news.