Bitcoin failed to clear the $25,000 resistance area against the US Dollar. BTC is dropping and may break the $23,250 support area.
- Bitcoin tried to clearly move towards the $25,000 resistance but failed.
- The price is now trading below the $24,000 level and the 100 hourly simple moving average.
- There was a break below the major uptrend line with support near $23,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must get rid of the $24,200 resistance to continue rising in the near term.
Bitcoin price signals crash
Bitcoin price has risen at a faster rate than $23,500 resistance area. There was a clear move above the $24,000 level and the price even broke through the $24,500 level.
It attempted a clear move towards the $25,000 resistance but failed. A high formed near $24,670 and the price started a new decline. There was a move below the $24,200 and $24,000 support levels to move into a short-term downside zone.
Bitcoin dropped below the 23.6% Fib retracement level of the upward move from the swing low of $20,696 to $24,670. Besides, there was a break below the major uptrend line with support near $23,750 on the hourly chart of the BTC/USD pair.
The price is now trading below $24,000 and Simple moving average per 100 hours. The bulls are now protecting more losses below the $23,250 level.
On the upside, the price is facing resistance near the $23.750 level and the 100 hourly simple moving average. The next major resistance is near the $24,200 area. Also, there appears to be a double top pattern forming with resistance near the $24,200 level.
Source: BTCUSD on TradingView.com
A close above the $24,200 resistance area could set a new rally pace. In the mentioned case, the price may rise towards the $24,750 level. The next major resistance is near the $25,000 level.
More losses in bitcoin?
If Bitcoin fails to clear the $24,200 resistance area, it may start a downside correction. There is immediate support on the downside near the $23,240 level.
The next major support is now near the $22,750 level. It is close to the 50% Fib retracement level of the upward move from the swing low of $20,696 to $24,670. Any further losses could send the price towards the $22,000 level.
Hourly MACD – The MACD is now losing its momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $23,240, followed by $22,800.
The main resistance levels are $23,750, $24,000, and $24,200.