Bitcoin price is moving lower below the $22,200 level. BTC could take a hit if there is a close below the $22,000 support zone in the near term.
- Bitcoin is showing bearish signs below the $22,500 resistance zone.
- The price is trading below $22,250 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $22,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains at a risk of a larger decline if there is a close below $22,000.
Bitcoin Price At Risk
Bitcoin price attempted an upside correction from the $22,000 support zone. BTC climbed above the $22,250 and $22,400 levels. However, the bears were active near the $22,600 level.
The price faced a rejection near the $22,600 level and recently declined sharply. There was a sharp move below the $22,200 and $22,000 levels. A low is formed near $21,904 and the price is now consolidating losses. There was a minor increase above the $22,000 level.Bitcoin price is now trading below $22,250 and the 100 hourly simple moving average. It is testing the 50% Fib retracement level of the recent decline from the $22,600 swing high to $21,904 low.
An immediate resistance is near the $22,250 level. There is also a key bearish trend line forming with resistance near $22,250 on the hourly chart of the BTC/USD pair. The next major resistance is near the $22,420 zone. It is near the 76.4% Fib retracement level of the recent decline from the $22,600 swing high to $21,904 low.