Bitcoin price is correcting gains and tested the $22,600 zone. BTC could start a fresh increase if it manages to stay above the $22,500 support.
- Bitcoin is correcting gains below the $23,000 support zone.
- The price is trading below $23,100 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $23,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if the bulls are able to protect the $22,500 support.
Bitcoin Price Visits Key Support
Bitcoin price started a downside correction below the $23,250 support zone. BTC followed a steady bearish path and even declined below the $22,800 level.
It tested the $22,600 support zone. A low is formed near $22,599 and the price is now consolidating losses. It slowly moved above the 23.6% Fib retracement level of the recent drop from the $23,590 swing high to $22,599 low.Bitcoin price is trading below $23,100 and the 100 hourly simple moving average. An immediate resistance is near the $23,050 zone. There is also a major bearish trend line forming with resistance near $23,050 on the hourly chart of the BTC/USD pair.
The trend line is close to the 50% Fib retracement level of the recent drop from the $23,590 swing high to $22,599 low. The next major resistance is near the $23,220 zone and the 100 hourly simple moving average.