TA: Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,247,505,477,887	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,247,505,477,887

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	556.90	0.89%	63,446.15	63,440.96	63,446.12

Price Change

Price Change %

Current Price

Bid Price

Offer

556.90

0.89%

63,446.15

63,440.96

63,446.12

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,546.00	62,565.82	62,868.02	62,889.25	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,546.00

62,565.82

62,868.02

62,889.25

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:55:11	0.000117	63,441.82	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

18:55:11

0.000117

63,441.82

USD

Price x Volume	Volume	Base Symbol	Related Pairs
460,323,453.40	7,255.08	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

460,323,453.40

7,255.08

TA: Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch

18/08/2022 3:08am

NEWSBTC

Bitcoin extended losses below the $23,650 support zone against the US Dollar. BTC must stay above $23,200 to avoid more losses in the near term. Bitcoin remained in a bearish zone and traded below the $23,650 support. The price is now trading below the $23,650 level and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses if there is a clear move below the $23,200 support in the near term. Bitcoin Price Drops Further Bitcoin price failed to stay in a positive zone above the $24,000 level. BTC started another decline and traded below the $23,650 support zone. There was a clear move below the $23,500 level and the 100 hourly simple moving average. Finally, the price found support near the $23,200 zone. A low was formed near $23,193 and the price is now consolidating losses. Bitcoin price is now trading below the $23,650 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $23,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low. The first major resistance on the upside sits near the $23,800 level. It is near the 50% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low. The main resistance is forming near the $24,000 zone and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair. A close above the $23,800 and $24,000 resistance levels might start another increase. Source: BTCUSD on TradingView.com In the stated case, the price may perhaps climb towards the $24,500 resistance. Any more gains might send the price towards the $25,000 level. More Losses in BTC? If bitcoin fails to clear the $24,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,320 level. The next major support now sits near the $23,200 level. A downside break and close below the $23,200 level might spark another decline. In the stated case, the price might decline towards the $22,750 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $23,320, followed by $23,200. Major Resistance Levels – $23,500, $23,800 and $24,000.

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