Bitcoin price had a strong dip below $22,000. Currently, the price is having a recovery and is likely to face resistance above $22,500. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin continued downward and lost the $22,000 support.
- Currently, the price is below $22,000 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we have a new downtrend forming with resistance at $21,550.
- In case BTC remains below $21,500 and $22,000, the chances of another plunge will increase.
Bitcoin Price Action Analysis
BTC took a downturn starting from $23,000 and subsequently lost the $22,500 and $22,200. The price dipped below the $22,000 and even had a spike down to $21,000. With that, BTC hit a low of $20,797 and is currently above $21,000. Currently, BTC is trading below $22,000 and the 1-hour candles are below the SMA100. With the correction, Bitcoin failed to move above $21,250. After that, BTC faced strong resistance at 23.6% Fibonacci retracement level from the latest fall from $24,414 to $20,797.
The first resistance level for BTC is at $21,500. On the 1-hour chart, we have a new downtrend forming with resistance at $21,550. Following that, the $22,000 on the SMA100 is another key resistance level. However, the critical resistance is still at $22,650 near the 50% Fibonacci retracement level. Closing above $22,500 and $22,650 could jump start a new rally.
On the other hand, if Bitcoin price fails to surpass $22,000, the downtrend will continue. In which case, the $21,250 will be the first support level followed by $20,800. Closing below $20,800 would cause a rapid decline for BTC. For this scenario, BTC may fall as low as $20,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $21,500, $21,800 and $22,650 are crucial resistance levels for BTC.
Support levels: The $21,250 and $20,800 are currently the key support levels for the price.
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