BTC/USD remains below resistance zone

Source: Dukascopy Bank SA


Despite piercing the 22,000.00/24,340.00 zone, the price for Bitcoin failed to show a follow up surge, as it bounced off the 25,000.00 mark. By the end of August, the BTC/USD pair had declined and was headed to the June and July low levels.

A move below the June and July low levels and the 18,000.00 mark could find support in the 2020 December low level at 17,613.00. Further below, the 2020 November low levels at 16,450.00 and 16,000.00 might slow the price down, before the 15,000.00 mark is hit.

On the other hand, a recovery of the cryptocurrency might encounter resistance in the 50-day simple moving average, the whole 22,000.00/24,340.00 zone and the 25,000.00 mark. In addition, note that the upper trend line of the channel down, which captures the ongoing bear market since November 2021, is crossing the resistance zone.
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Wed, 31 Aug 2022 18:36:12 GMT

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