TA: Bitcoin Price Could Narrowly Avoid a Major Downtrend, Here’s How

Bitcoin extended losses below the $22,650 support against the US Dollar. BTC is attempting another recovery and might face hurdles near $23,100. Bitcoin remained in a bearish zone and extended losses below the $23,500 level. The price is now trading below the $23,000 level and the 100 hourly simple moving average. There was a break above a short-term bearish trend line with resistance near $22,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $23,100 resistance to start a steady increase in the near term. Bitcoin Price Faces Resistance Bitcoin price started a fresh decline after it faced sellers near the $23,570 level. The price gained bearish momentum after it broke the $23,000 support zone. It even traded below the $22,800 level and the 100 hourly simple moving average. Finally, there was a spike below the $22,650 level. However, downsides were limited and the price traded as low as $22,400. The price started a fresh recovery wave above the $22,800 resistance zone. Bitcoin cleared the 23.6% Fib retracement level of the downward move from the $23,570 swing high to $22,400 low. Besides, there was a break above a short-term bearish trend line with resistance near $22,850 on the hourly chart of the BTC/USD pair. It is now trading below the $23,000 level and the 100 hourly simple moving average. On the upside, bitcoin price is facing resistance near the $23,000 level and the 100 hourly S...