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BTC Loses Momentum And Can Drop 5%

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Stefan

BTC loses momentum and can drop 5% in value in the near future.

When compared to the US Dollar, Bitcoin is having trouble moving beyond the $24,000 barrier level. BTC loses momentum and is tumbling and may keep doing so until it reaches the $22,000 support level.

Below the $23,500 mark, Bitcoin is displaying negative indicators.

The price is currently trading below both the $100 hourly simple moving average and the $23,200 mark.

On the hourly chart of the BTC/USD pair, a significant bearish trend line is forming, with resistance located close to $23,250. (data feed from Kraken).

In the immediate future, the pair may drop further and may challenge the $22,000 support level.

Declining Bitcoin Price Indicators

The $24,000 resistance zone was significantly above where the price of Bitcoin began a steady drop. Price dropped under $23,500 and $23,250, entering a short-term bearish zone.

Below the 100 hourly simple moving average, the drop accelerated. It even tried to cross over the level of the crucial gain from the $20,695 swing low to the $24,671 high using a fibonacci retracement of 50%. Under the $23,200 mark and the 100 hourly simple moving average, the price is currently struggling.

On the hourly chart of the BTC/USD pair, a significant negative trend line with resistance near $23,250 is also developing. But it appears like the bulls are defending the $22,680 support region.

The $24,180 area can serve as the major area of opposition. A closure above the $24,180 resistance area would signal the start of a respectable rise. In the described scenario, the cost might increase to around $24,650. The next important barrier is located close to the $25,000 mark.

More Bitcoin losses?

Bitcoin may continue to decline if it is unable to get past the $23,250 resistance area and the trend line. On the downside, there is immediate support around the $22,680 mark.

The area of around $22,210 now serves as the next significant support. It is close to the major climb from the $20,695 swing low to the $24,671 high (61.8 percent Fib retracement level). Additional losses may push the price up to $22,000.

ETH Losses as well?

In other news, Ethereum may keep falling if it is unable to overcome the $1,670 resistance. Near the $1,570 region is the first area of support on the downside.

Near $1,550 is the next significant support level, below which a sudden collapse is possible.

Read today’s cryptocurrency news.

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