TA: Bitcoin Price Recovers But Here’s What Could Trigger Another Decline

Bitcoin is attempting a recovery wave above $21,500 against the US Dollar. BTC must clear the $22,650 resistance zone to move into a positive zone. Bitcoin is slowly moving higher above the $21,400 and $21,500 levels. The price is now trading above the $21,400 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $22,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could recover higher, but the bears might remain active near the $22,650 zone. Bitcoin Price Attempts Recovery Bitcoin price seems to be forming a base above the $21,000 support zone. BTC is slowly moving higher above the $21,200 and $21,400 levels. There was a minor increase above the $21,500 resistance zone and the 100 hourly simple moving average. The price even spiked above the 23.6% Fib retracement level of the key drop from the $24,416 swing high to $20,797 low. However, the price failed to settle above the $21,650 resistance zone. Bitcoin is now trading above the $21,400 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $21,650 and $21,700 levels. The first major resistance on the upside sits near the $22,000 level. The next key resistance could be near the $22,500 zone. There is also a major bearish trend line forming with resistance near $22,400 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The...