TA: Bitcoin Shows Signs of Recovery, $23K Presents Resistance

TA: Bitcoin Shows Signs of Recovery, $23K Presents Resistance


Bitcoin formed a base near the $21,000 level against the US Dollar. BTC is attempting a recovery wave, but the bears might protect gains above $23,000.

Bitcoin traded as low as $20,824 before the bulls took a stand. The price is now trading below the $24,000 level and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $23,000 resistance zone to start a decent recovery wave. Bitcoin Price Remains In Downtrend

Bitcoin price remained in a bearish zone below the $25,000 support zone. The price spiked below the $21,000 level and settled well below the $23,000 level.

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