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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 uptrend line with support near $17,620 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue falling unless it recovers the 100 hourly SMA. Bitcoin price begins to decline again
Bitcoin price attempted an upside break above the $18,400 resistance zone. BTC failed to stay above the $18,000 pivot level and reacted lower.
A high was formed near $18,387 before the price began a further decline. There was a clear move below the $18,200 and $18,000 levels. The price fell below the 50% Fib retracement level of the key wave from the $16,881 low to $18,387 low.
Additionally, there was a break below a major uptrend 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 seen near the $17,650 area, above which the price might perhaps revisit the $18,000 area. The next major resistance is near $18,380, above which the price may accelerate and hit the $19,000 level.
More losses in BTC?
If bitcoin fails to clear the resistance at $17,650, 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 area. A break down below the $17,000 support could lead to more losses. If indicated, the price could decline towards the $16,500 support in the near term. Any further losses could lead to a deeper decline below the $16,000 level in the coming days.
Technical indicators:
Hourly MACD The MACD is now accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now below the 50 level.
Main support levels $17,250, followed by $17,000.
Major resistance levels $17,650, $18,000 and $18,380.
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Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiQmh0dHBzOi8vbmV3c2J0Yy5jb20vYW5hbHlzaXMvYnRjL2JpdGNvaW4tcHJpY2UtcHJlZGljdGlvbi1idGMtMTZrL9IBAA?oc=5 The mention sources can contact us to remove/changing this article |
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