Bitcoin started a fresh decline below the $22,000 support against the US Dollar. BTC is declining and might extend losses below the $20,500 support zone.
On the upside, bitcoin price could face resistance near the $21,650 level. It is near the 50% Fib retracement level of the recent decline from the $22,250 swing high to $20,994 low.
The next key resistance is near the $22,000 zone. There is also a major bearish trend line forming with resistance near $21,950 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the recent decline from the $22,250 swing high to $20,994 low.
A close above the $22,000 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $22,500 level. The next major resistance sits near the $23,000 level.
If bitcoin fails to start a recovery wave above the $21,650 level, it could continue to move down. An immediate support on the downside is near the $21,000 level.
The next major support now sits near the $20,500 level. A clear break and close below the $20,500 support zone might send the price towards $20,000 in the near term.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $21,000, followed by $20,500.
Major Resistance Levels – $21,650, $22,000 and $22,500.