Bitcoin price struggles to break the $22,000 resistance, trying to regain the upside
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Answer Bitcoin price struggles to break the $22,000 resistance, trying to regain the upside
Bitcoin has moved upwards since hitting a low of $17,622 on June 18.
On July 18, the bullish move caused a breakout above the descending resistance line that had been in place since last March.
Subsequently, Bitcoin failed to maintain its gains and retreated after reaching its highest level at $25211.
This was well below the 0.382 Fib retracement resistance level at $29,370.
Failure to reach even the first important Fibonacci level shows great weakness.
The rejection also caused Bitcoin to drop below the $22,000 level, which is now expected to turn into resistance.
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RSI breakdown:
The daily RSI is also showing a bearish reading in the form of a breakdown from its ascending support line (green line).
In addition, the index fell below 50 which is often considered a strong sign of a bearish trend.
The trend cannot be considered bullish until Bitcoin reclaims the $22,000 area and the daily RSI is above 50.
A dip below the August 20 lows at $2,0761 would confirm that Bitcoin is likely heading to the next nearest support at $19,000.
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On the contrary, a restoration of the $22,000 area and the channel midline will be required for the trend to be considered bullish.
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