Bitcoin price is consolidating below the $22,000 resistance. BTC could decline heavily if there is a daily close below the $21,500 support.
- Bitcoin is showing a few negative signs below the $22,000 resistance.
- The price is trading below $22,000 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance near $21,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline heavily if there is a clear move below the $21,500 support zone.
Bitcoin Price Faces Resistance
Bitcoin price remained in a bearish zone below the $22,200 support zone. BTC settled below the $22,000 zone and settled below the 100 hourly simple moving average.
Recently, there was a spike below the $21,500 support zone. A new weekly low is formed near $21,359 and the price is now consolidating losses. Bitcoin price is now trading below $22,000 and the 100 hourly simple moving average.Besides, there was a break above a connecting bearish trend line with resistance near $21,700 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $21,800 level and the 100 hourly simple moving average.
The 61.8% Fib retracement level of the recent decline from the $23,450 swing high to $21,359 low is also near $21,820. The next major resistance is near the $22,100 zone.