BTC / USD
61,939.53
0.17%
(-104.56)
ETH / USD
3,411.42
0.07%
(+2.27)
XRP / USD
0.63
6.67%
(+0.04)
LTC / USD
89.16
5.85%
(+4.93)
EOS / USD
0.99
12.51%
(+0.11)
BCH / USD
411.09
30.48%
(+96.04)
ADA / USD
0.73
6.5%
(+0.04)
XLM / USD
0.13
6.29%
(+0.01)
NEO / USD
15.77
1.85%
(+0.29)
XEM / USD
0.05
0.99%
(-0)
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34.98
5.38%
(+1.79)
USDT / USD
1.00
0.04%
(0)
BNB / USD
407.96
0.09%
(+0.36)
QTUM / USD
4.03
6.09%
(+0.23)
XVG / USD
0.01
2.29%
(-0)
ONT / USD
0.30
3.34%
(+0.01)
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30.40
4.05%
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0.28
2.21%
(+0.01)

Bitcoin Price Trend Overwhelmingly Negative, Bears Target $13K

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Bitcoin price extended losses and retested the $15,800 support. BTC could continue to move down towards the $15,000 and $14,000 levels.

  • Bitcoin started a fresh decline below the $16,000 and $15,800 levels.
  • The price is trading below $16,400 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $16,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of more losses towards the $15,000 level or even $14,000.

Bitcoin Price Revisit $15,500

Bitcoin price started a fresh decline from the $17,000 resistance. BTC gained bearish momentum after it settled below the $16,500 support zone.

There was a move below the $16,000 level and the 100 hourly simple moving average. The bears were able to push the price towards the key $15,500 support zone. A low is formed near $15,470 and the price is now correcting losses.

There was a minor increase above the $15,800 resistance zone. Bitcoin price cleared the 23.6% Fib retracement level of the recent drop from the $16,795 swing high to $15,470 low.

On the upside, an immediate resistance is near the $15,880 level. The first major resistance is near the $16,150 zone. There is also a major bearish trend line forming with resistance near $16,150 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the recent drop from the $16,795 swing high to $15,470 low. The next major resistance is near the $16,400 level. The price must clear the trend line resistance and then $16,400 to start a decent increase. The next major resistance is near $16,500, above which the price could gain pace for a move towards the $17,000 zone.

More Losses in BTC?

If bitcoin fails to recover above the $16,150 resistance zone, it could continue to move down. An immediate support on the downside is near the $15,650 level.

The next major support is near the $15,500 zone, below which the price might test the key support at $15,000. A clear move below the $15,000 support might send the price further lower, may be towards $13,200.

Technical indicators:

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

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

Major Support Levels – $15,650, followed by $15,500.

Major Resistance Levels – $16,150, $16,400 and $16,500.

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