More Losses in Bitcoin?

BITCOIN

MonoCoin Signal

6/17/2022

In the last 24 hours, we have seen a 9% drop in bitcoin in the market. According to yesterday's analysis, the price of Bitcoin could fall again after reacting in the range of $ 22,800 to $ 23,100. This happened with the savings of short-term buyers. The selling pressure on the support level of $ 22,350 to $ 19488 is still high. If bitcoin fails to clear the $22,000 resistance zone and the trend line, it could start a fresh decline. Immediate support on the downside is near the $20,200 level. The next major support is near the $20,000 level. A downside break below the $20,000 support could spark a sharp decline. In the stated case, the price could test $18,800. Also, on an hourly timeframe, Bitcoin was firmly rejected from the resistance level and reached the build-up support. This support can easily or wick down to major support below $19,800 for a liquidity hunt. By drawing a downward channel on the support level, the behavior of bitcoin can be examined more closely. As long as the price is inside this downtrend channel, there is a possibility that the main support level will be broken. The nearest minor resistance ranges between $ 21,360 to $ 21,600, and if this level becomes a support, the downside channel ceiling will be more likely to break and move back to the previous resistance. The $ 21,000 point is currently serving as a significant resistance in lower timeframes, and how the price reacts to it is very important in the short term.

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