TA: Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows
June 28 2022 - 11:28PM
NEWSBTC
Bitcoin is struggling below the $21,000 zone against the US Dollar.
BTC could continue to move down unless there is a clear move above
the $20,750 resistance zone. Bitcoin started a fresh decline below
the $21,000 and $20,500 levels. The price is now trading below the
$20,500 level and the 100 hourly simple moving average. There is a
major bearish trend line forming with resistance near $20,820 on
the hourly chart of the BTC/USD pair (data feed from Kraken). The
pair could decline further if there is a clear move below the
$20,000 zone. Bitcoin Price Is Sliding Bitcoin price remained in a
bearish zone below the $21,000 pivot level. The bulls struggled to
push the price higher and there was a bearish reaction below the
$20,800 level. The price traded below the 61.8% Fib retracement
level of the key recovery from the $19,750 swing low to $21,780
high. The decline was such that the bears even pushed the price
below the $20,550 and $20,500 support levels. It tested the 76.4%
Fib retracement level of the key recovery from the $19,750 swing
low to $21,780 high. Bitcoin is now trading below the $20,500 level
and the 100 hourly simple moving average. An immediate resistance
on the upside is near the $20,520 level. The next key resistance is
near the $20,750 zone. There is also a major bearish trend line
forming with resistance near $20,820 on the hourly chart of the
BTC/USD pair. Source: BTCUSD on TradingView.com A clear move above
the trend line resistance and then $21,000 could initiate a decent
increase. In the stated case, the price could rise above the
$21,250 level. The next major hurdle for the bulls might be near
the $21,750 zone, above which the price may perhaps rise towards
the $22,500 level. More Losses in BTC? If bitcoin fails to clear
the $21,000 resistance zone, it could continue to move down. An
immediate support on the downside is near the $20,220 level. A
downside break below the $20,220 support zone could push the price
further lower. The next major support sits near the $20,000 zone.
Any more losses could send the price towards the $18,800 level or a
new monthly low. Technical indicators: Hourly MACD – The MACD is
now gaining pace in the bearish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now below the 50 level. Major
Support Levels – $20,220, followed by $20,000. Major Resistance
Levels – $20,520, $20,800 and $21,250.
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