Make Or Break Moment For Bitcoin Price, Here Are The Key Levels
The post Make Or Break Moment For Bitcoin Price, Here Are The Key Levels appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Just a few days back Bitcoin price lost its crucial $24,000 mark against the bearish pull down. Today the currency has invited a few more losses after losing its hold on $23,500, $23,200 and finally $23,000 mark.
At the moment, the King currency has even lost the $22,000 range and is trading at $21,939. The asset is now having a tough battle against bears.
On the upper end, the immediate resistance for Bitcoin is around $23,150. This brings it near 23.6% Fib retracement level where Bitcoin had a steep fall from $24,440 to as low as $22,715.
Next, when the hourly chart is considered, it is seen that there is a key bearish trend line being created around the $23,550 resistance level. The main resistance lies around $23,750 and the 100 hourly simple moving average.
However, if the flagship currency manages to close the trade above $23,550 and $23,800 resistance levels, then the currency might start a fresh surge.
Bitcoin Price At $22,500 Mark?
On the other hand, if Bitcoin fails to surpass its crucial resistance zone at $23,200, then the asset will continue its bearish pull and decline at $22,715.
On the bearish scene, the immediate support lies around $22,500 and if bitcoin org
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decides to close the trade below the said level, there will be a further bearish move.
Suppose Bitcoin fails to make a move above $22,500, then the currency will easily be pulled around the $21,200 mark.
On the other hand, one of the most followed analysts and traders with a username Crypto Capo claims that if Bitcoin moves ahead to consolidate below $22,500, then this move would be very bearish.
