Bitcoin's price found support at $22,000 and entered a period of consolidation. BTC is trading in a range and facing numerous roadblocks near $22,600-$22,700.
For more than two weeks, the Bitcoin price has been in a correction phase. At the 4-hour time frame, the price appears to be simply bouncing in the falling wedge pattern.
#BTC price began a significant slide from far above the $23,300-$23,350 support zone. Bitcoin fell sharply below the $23,000 level and even traded below the $22,500 level.
The price has lately begun a slight upward correction after trading as low as $22,000. Above the $22,500 resistance level, there was a minor increase. The price surged over the 23.6% Fib retracement line of the downward wave from the swing high of $23,978 to the low of $22,000. BTC made a high of $22,667 and currently it is trading near the $22,400 and the 50 hourly simple moving average. In the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $22,700.
If bears maintain their grip, BTC/USD will most likely retest the aforementioned support line and maybe break over $22,000 to another key level at $21,600. Below there, we might see a retest of the critical $20k milestone.
On the positive note, the immediate barrier is $22,500. The first major resistance zone is around $22,750 and $22,800. The main resistance is currently near $23,000. A clear break over the $23,000 resistance level may signal the start of a sustained rise towards the $23,600-$24,000 resistance zone.
KEY LEVELS :
RESISTANCE LEVEL : $22,700-$23,200
SUPPORT LEVEL : $22,000-$21,700