{"id":499453,"date":"2022-08-22T02:28:19","date_gmt":"2022-08-22T02:28:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=499453"},"modified":"2024-06-11T11:43:30","modified_gmt":"2024-06-11T11:43:30","slug":"bitcoin-price-bearish-weekly-close-22k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-bearish-weekly-close-22k\/","title":{"rendered":"TA: Bitcoin Price Bearish Weekly Close Suggests it’s Vulnerable For Bigger Decline"},"content":{"rendered":"
Bitcoin declined heavily below the $22,000 support zone against the US Dollar. BTC is correcting gains, but upsides might be limited above the $22,500 resistance.<\/em><\/p>\n Bitcoin price started a major decline<\/a> below the $23,000 support zone. BTC gained bearish momentum below the $22,500 and $22,200 support levels.<\/p>\n The decline was such that the price settled below the $22,000 support zone. It even spiked below the $21,000 level and traded as low as $20,797. The price is now correcting losses above the $21,000 level. It is now trading below the $22,000 level and the 100 hourly simple moving average<\/a>.<\/p>\n Recently, there was a push above the $21,250 level. However, bitcoin price struggled near the 23.6% Fib retracement level of the recent decline from the $24,414 swing high to $20,797 low.<\/p>\n On the upside, an immediate resistance is near the $21,500 level. There is also a major bearish trend line forming with resistance near $21,550 on the hourly chart of the BTC\/USD pair. The first major resistance on the upside sits near the $22,000 level and the 100 hourly simple moving average.<\/p>\n <\/a><\/p>\n The main resistance is forming near the $22,650 zone. It is near the 50% Fib retracement level of the recent decline from the $24,414 swing high to $20,797 low. A close above the $22,500 and $22,650 resistance levels might start another increase.<\/p>\n If bitcoin fails to clear the $22,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $21,250 level.<\/p>\n The next major support now sits near the $20,800 level. A downside break and close below the $20,800 level might spark another sharp decline. In the stated case, the price might decline towards the $20,000 level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n Major Support Levels \u2013 $21,250, followed by $20,800.<\/p>\n Major Resistance Levels \u2013 $21,550, $22,000 and $22,650.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin declined heavily below the $22,000 support zone against the US Dollar. BTC is correcting gains, but upsides might be limited above the $22,500 resistance. Bitcoin extended losses and declined below the $22,000 support. The price is now trading below the $22,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $21,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could extend losses if it stays below the $21,500 and $22,000 levels. Bitcoin Price Dives over 8% Bitcoin price started a major decline below the $23,000 support zone. BTC gained bearish momentum below the $22,500 and $22,200 support levels. The decline was such that the price settled below the $22,000 support zone. It even spiked below the $21,000 level and traded as low as $20,797. The price is now correcting losses above the $21,000 level. It is now trading below the $22,000 level and the 100 hourly simple moving average. Recently, there was a push above the $21,250 level. However, bitcoin price struggled near the 23.6% Fib retracement level of the recent decline from the $24,414 swing high to $20,797 low. On the upside, an immediate resistance is near the $21,500 level. There is also a major bearish trend line forming with resistance near $21,550 on the hourly chart of the BTC\/USD pair. The first major resistance on the upside sits near the $22,000 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The main resistance is forming near the $22,650 zone. It is near the 50% Fib retracement level of the recent decline from the $24,414 swing high to $20,797 low. A close above the $22,500 and $22,650 resistance levels might start another increase. More Losses in BTC? If bitcoin fails to clear the $22,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $21,250 level. The next major support now sits near the $20,800 level. A downside break and close below the $20,800 level might spark another sharp decline. In the stated case, the price might decline towards the $20,000 level. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $21,250, followed by $20,800. Major Resistance Levels \u2013 $21,550, $22,000 and $22,650.<\/p>\n","protected":false},"author":67,"featured_media":463916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-499453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Dives over 8%<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
More Losses in BTC?<\/h2>\n