Bitcoin exchange rate began a new decline from the $24,200 resistance zone. The maximum was formed around $24,148 before the rate began a steady decline. There was a clear move below the $23,500 and $23,200 support levels
There was movement below the $23,000 level and 55 simple moving averages (4 hours). Bitcoin was trading at $21,467 and recently began a small upward correction. There was a move above the 23.6% Fibonacci retracement level of the downward move from the swing high of $24,148 to the low of $21,467.
It is now trading below $23,000 and the 55-fold simple moving average (4-hour). Immediate upside resistance is near the $22,300 level.
A key bearish trend line with resistance near $22,300 is also forming on the 4-hour chart of the BTC/USD pair. The next major resistance could be near the $22,800 area. It is near the 50% Fibonacci retracement level of the downtrend from the swing high of $24,148 to the low of $21,467
A clear move above the $22,800 level could send bitcoin to $23,200, above which it could rise to the $24,000 level. Any further rise could push BTC to the $25,500 zone.
If no upward breakout occurs, the rate could fall below the $21,750 level. The first major support is near $21,500. The next key support is near the $21,200 level, below which the rate could decline sharply. In the above case, BTC could fall to the $20,500 level. Any new losses could send it to the $20,000 level.
Nevertheless, we will hope that Aptos will be stronger and above all ecosystems. Won’t we, friends?
