BTC / USD
23,024.00
0.56%
(-130)
ETH / USD
1,578.28
0.94%
(-15.03)
XRP / USD
0.40
1.7%
(-0.01)
LTC / USD
94.55
0.12%
(+0.11)
EOS / USD
1.03
3.93%
(-0.04)
BCH / USD
131.09
2.38%
(-3.19)
ADA / USD
0.38
2.97%
(-0.01)
XLM / USD
0.09
2.9%
(-0)
NEO / USD
7.97
2.53%
(-0.21)
XEM / USD
0.04
0.6%
(0)
DASH / USD
58.96
1.95%
(-1.17)
USDT / USD
1.00
0%
(0)
BNB / USD
308.84
1.09%
(-3.4)
QTUM / USD
2.58
4.41%
(-0.12)
XVG / USD
0.00
1.9%
(-0)
ONT / USD
0.20
3.32%
(-0.01)
ZEC / USD
45.06
1.21%
(-0.55)
STEEM / USD
0.19
1.31%
(-0)

Why BTC Could Still Tumble Below $16K

0

Bitcoin price failed to clear $18,000 and corrected lower. BTC is signaling bearish signs and might even start a fresh decline in the coming sessions.

  • Bitcoin started a downward move and traded below the $17,600 support.
  • The price is trading below $17,500 and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $17,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move lower unless it reclaims the 100 hourly SMA.

Bitcoin Price Restarts Decline

Bitcoin price attempted an upside break above the $18,400 zone resistance zone. BTC failed to stay above the $18,000 pivot level and reacted the downside.

A high was formed near $18,387 before the price started a fresh decline. There was a clear move below the $18,200 and $18,000 levels. The price declined below the 50% Fib retracement level of the key wave from the $16,881 low to $18,387 high.

Besides, there was a break below a major bullish trend line with support near $17,620 on the hourly chart of the BTC/USD pair. Bitcoin price is now below $17,500 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $17,500 level and the 100 hourly simple moving average. The first major resistance is near the $17,650 zone, above which the price may perhaps revisit the $18,000 zone. The next major resistance is near $18,380, above which the price might gain pace and rise towards the $19,000 level.

More Losses in BTC?

If bitcoin fails to clear the $17,650 resistance, there could be more downsides. An immediate support on the downside is near the $17,240 level. It is near the 76.4% Fib retracement level of the key wave from the $16,881 low to $18,387 high.

The next major support is near the $17,000 zone. A downside break below the $17,000 support might call more losses. In the stated case, the price could decline towards the $16,500 support in the near term. Any more losses might stage a larger decline below the $16,000 level in the coming days.

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 – $17,250, followed by $17,000.

Major Resistance Levels – $17,650, $18,000 and $18,380.

Leave A Reply

Your email address will not be published.