[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1522216945055{background-color: #131722 !important;}”][vc_column css=”.vc_custom_1522217480829{padding-right: 0px !important;padding-left: 0px !important;}”][bsfp-cryptocurrency style=”widget-20″ align=”marquee” columns=”2″ coins=”selected” coins-count=”15″ coins-selected=”BTC,ETH,XRP,LTC,EOS,BCH,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”dark” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523173421731{margin-bottom: 5px !important;}”][/vc_column][/vc_row]

Bitcoin Price Downtrend Far From Over, Why BTC Could Test $15K

0

Bitcoin price failed to clear $18,000 and started a fresh decline. BTC is showing bearish signs and it might soon decline towards the $15,000 level.

  • Bitcoin started a fresh decline from the $18,000 and $18,150 resistance levels.
  • The price is trading below $18,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could resume its decline below the $15,500 support zone in the near term.

Bitcoin Price Resumes Drop

Bitcoin price attempted a recovery wave above the $17,500 resistance zone. However, BTC failed to gain strength above the $18,000 resistance and stayed below the 100 hourly simple moving average.

A high was formed near $18,155 and there was a fresh decline, similar to ethereum, bnb, and ripple. The price declined below the $17,500 and $17,200 support levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $15,555 swing low to $18,155 high.

Bitcoin price is now trading below $18,000 and the 100 hourly simple moving average. Besides, there is a key bearish trend line forming with resistance near $16,400 on the hourly chart of the BTC/USD pair.

The price also spiked once below the 76.4% Fib retracement level of the upward move from the $15,555 swing low to $18,155 high. On the upside, an immediate resistance is near the $16,800 level and the trend line. The first major resistance is near the $17,000 level and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

A clear move above the $17,000 resistance might push the price further higher. The next major resistance is near $17,500, above which the price could test the $18,000 zone.

More Losses in BTC?

If bitcoin fails to start a recovery wave above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,000 level.

The next major support is near the $15,550 zone. A clear move below the $15,550 support might push the price further lower. In this case, the price may perhaps decline towards the $15,000 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $16,000, followed by $15,550.

Major Resistance Levels – $16,800, $17,000 and $17,500.

Leave A Reply

Your email address will not be published.