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. A low was formed near $20,824 and the price is now attempting an upside correction. There was a move above the $22,000 resistance level. However, the price is still well below the $24,000 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $21,100 level. There is also a key bearish trend line forming with resistance near $22,050 on the hourly chart of the BTC/USD pair. The first major resistance is near the $22,600 level. It is near the 23.6% Fib retracement level of the downward move from $28,300 swing high to $20,825 low. If there is a clear move above the trend line, the pair could rise towards the $23,000 resistance. Source: BTCUSD on TradingView.com The main resistance is nea...