Bitcoin Choppy Session Continues – Eyes on $20,765 - Forex News by FX Leaders
Bitcoin Choppy Session Continues - Eyes on $20,765

Bitcoin Choppy Session Continues – Eyes on $20,765

Posted Wednesday, August 24, 2022 by
Skerdian Meta • 2 min read

Bitcoin is battling to break through the $21,500 barrier versus the US dollar. BTC is stabilizing and is vulnerable to a move toward the $20,000 support level. BITCOIN is consolidating at $21,000 and facing numerous challenges.

The price currently trades above the $21,200 mark and the 100 hourly simple moving average.

On the hourly chart of the BTC/USD pair, a strong negative trend line is forming with resistance near $22,500. The pair may recover, although gains may be limited above the $22,000 resistance zone.

BTC/USD

Bitcoin’s Price is Under Pressure

Bitcoin’s price has held well above the $21,000 support level. BTC established a base above $21,000 and began a consolidation period.

A slight upward movement occurred above the $21,250 and $21,350 levels. The price broke through the $21,500 barrier and the 100 hourly simple moving average. On the other hand, the bears were active near the $21,640 resistance level. The 23.6% Fib retracement level of the main slide from the $24,415 swing high to the $20,797 low appears to be strong resistance. Bitcoin trades over the $21,200 mark and above the 100 hourly simple moving average.

On the upside, the $21,500 and $21,640 levels provide immediate resistance. The first big obstacle on the upside is located near $22,000. If the price breaks over the $22,000 resistance zone, it may rise towards the $22,500 resistance zone. On the hourly chart of the BTC/USD pair, a strong negative trend line is forming with resistance near $22,500.

The trend line is close to the 50% Fib retracement level of the main slide from the swing high of $24,415 to the low of $20,797. Any further advances might push the price to the $23,000 resistance level.

Bitcoin Price Drop?

If Bitcoin fails to break over the $22,000 barrier level, it may continue to fall. On the downside, there is immediate support near the $21,000 level.

The next significant support is now at $20,800. A decisive break below the $20,800 support level and the previous swing low could trigger a new downturn. The price may fall near the $20,000 mark in the mentioned instance.

 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments