Crypto News

Bitcoin is in danger of collapse

Bitcoin price is consolidating below the $22,000 resistance. If the daily Bitcoin candle closes below the support of $21,500, there will be a risk of a sharp fall in the value of this currency.

According to Wallex and quoted by NewsBTC, the price of Bitcoin remained below the resistance level of $22,200. Bitcoin finally stabilized below the $22,000 range and below the 100-hour simple moving average.

Earlier we saw a bounce below the $21,500 support area and a new weekly floor was formed at $21,359.

There was a slight recovery in the value of BTC, which pushed the price above the $21,650 resistance. The price climbed to the key level of the 50% retracement Fibonacci indicator (drawn between the top and bottom of $23,450 to $21,359).

Fibonacci levels. MACD and RSI indicator on Bitcoin hourly chart

Additionally, there was a breakout of the downtrend line drawn on the Bitcoin hourly chart at the $21,700 resistance. Bitcoin analysis suggests that the next closest resistance is at the $21,800 level and the 100-hour simple moving average.

The next key resistance is near the $22,100 area. A clear break above the $22,100 resistance may start an upward wave in the price of Bitcoin. In this case, the next resistance on the way is the $22,750 area. After that, the next target will be the $23,250 range.

But if the price of Bitcoin cannot overcome the $22,100 resistance barrier, there will be a possibility of a continuous decline. Bitcoin’s immediate support will be at the $21,500 level.

The next key support is in the $21,350 area; The failure of this support could open the way for the price to drop to $20,500.

The MACD indicator on the hourly chart of Bitcoin is now decelerating in the bearish zone, and the relative strength indicator is above 50.

The article “Danger of fall lurking in Bitcoin” appeared first on Wallex blog. appeared.


hello my name is amir; i love bitcoin and dogecoin 🎯

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