TA: Bitcoin Price Bearish Weekly Close Suggests it’s Vulnerable For Bigger Decline

Bitcoin declined heavily below the $22,000 support zone against the US Dollar. BTC is correcting gains, but upsides might be limited above the $22,500 resistance. Bitcoin extended losses and declined below the $22,000 support. The price is now trading below the $22,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $21,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses if it stays below the $21,500 and $22,000 levels. Bitcoin Price Dives over 8% Bitcoin price started a major decline below the $23,000 support zone. BTC gained bearish momentum below the $22,500 and $22,200 support levels. The decline was such that the price settled below the $22,000 support zone. It even spiked below the $21,000 level and traded as low as $20,797. The price is now correcting losses above the $21,000 level. It is now trading below the $22,000 level and the 100 hourly simple moving average. Recently, there was a push above the $21,250 level. However, bitcoin price struggled near the 23.6% Fib retracement level of the recent decline from the $24,414 swing high to $20,797 low. On the upside, an immediate resistance is near the $21,500 level. There is also a major bearish trend line forming with resistance near $21,550 on the hourly chart of the BTC/USD pair. The first major resistance on the upside sits near the $22,000 level and the 100 ...