TA: Bitcoin Price At Clear Risk of Sharp Drop, Indicators Turn Red

Jul 25, 2022 04:00 am Cryptocurrency 492

Bitcoin started a fresh decline from the $23,000 resistance against the US Dollar. BTC is declining and remains at a risk of a sharp decline below $21,800.

Bitcoin started a downside correction and traded below the $22,200 level.

The price is now trading below the $22,500 level and the 100 hourly simple moving average.

There was a break below a key bullish trend line with support near $22,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might decline heavily if there is a clear move below the $21,450 level.

Bitcoin Price Starts Fresh Decline

Bitcoin price attempted a clear move above the $24,000 resistance zone. However, the bears appeared near $23,800 zone. The last swing high was formed near $23,744 before there was a fresh decline.

The price declined below the $22,500 support level and the 100 hourly simple moving average. However, the bulls were active near the $21,950 zone. Recently, there was an ..

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