Search Coins

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

cryptodaily.co.ukin 3 years
-2

Ripple Legal Woes Could Drain XRP Holders, Expert Claims

coingape.com3 minutes ago
0

MetaWin Launches New Base and Arbitrum Layer 2-Powered Swap System, Boasting 2-Second Payment Speeds and Half a Cent Gas Fees

usethebitcoin.com37 minutes ago
0

Statement of U.S. Attorney Damian Williams on the Sentencing of Sam Bankman-Fried

www.coindesk.coman hour ago
0

Ethereum Hit by 'Blobscriptions' in First Stress Test of Blockchain's New Data System

www.coindesk.coman hour ago
0

EGGY surges, outperforming PEPE and FLOKI; analysts see MEDA as another meme coin with potential

coinjournal.netan hour ago
0

Injex Finance Launches Presale for $INJX Token: Join Now to Secure Early Contributions

news.bitcoin.coman hour ago
0

Meme coins BONK, FLOKI skyrocket following DOGE’s multi-year high

crypto.newsan hour ago
0

Bitcoin Stablecoins Ratio At 1-Year Lows: Is This Bullish?

bitcoinist.coman hour ago
0

New Era For VeChain: Marketplace Platform Unveiled, Price Spike Looming?

www.newsbtc.coman hour ago
0

Cardano’s Hoskinson claps back after ADA, XRP branded as ‘crypto zombies’

ambcrypto.coman hour ago
0

World’s Eighth-Largest Bank Unveils Tokenized Gold Product for Retail Customers: Report

dailyhodl.coman hour ago
0

io.net Appoints Garrison Yang as Chief Strategy & Marketing Officer to Drive DePIN Protocol Growth

usethebitcoin.coman hour ago
0

Circle integrates native USDC into zkSync ecosystem

crypto.newsan hour ago
0

Sam Bankman-Fried Deserves a Life After Prison

www.coindesk.coman hour ago
0

BlockDAG Becomes Top Crypto Investment Choice with $9.9M Presale, Beating Fantom & Apecoin

www.investinblockchain.coman hour ago
0

FTX Founder Sam Bankman-Fried Sentenced By Judge To 25 Years In Prison

bitcoinmagazine.coman hour ago
0

Kerrisdale Capital: MicroStrategy’s unique way to gain access to Bitcoin ‘long over’

crypto.news2 hours ago
0

FTX founder Sam Bankman-Fried sentenced to 25 years in prison

crypto.news2 hours ago
0

Bitcoin: Here’s how far along we might be in the bull cycle

ambcrypto.com2 hours ago
0

Shiba Inu Team Launches Latest Edition Of The SHIB Magazine

bitcoinist.com2 hours ago
0

Are Old Bitcoin Whales Selling Or Mitigating Risks Using Spot BTC ETFs?

www.newsbtc.com2 hours ago
0

Crypto Stocks Green, HUT up 20%, MSTR Nears $2,000

www.trustnodes.com2 hours ago
0

Decoding Argentina’s Bitcoin frenzy: reality vs rumor

crypto.news2 hours ago
0

BEFE Coin’s Momentum: Expert Predicts Upward Trajectory to $0.01

ambcrypto.com2 hours 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.