in

Bitcoin price downtrend is far from over, why BTC could test $15K

Bitcoin

The price of bitcoin failed to rise to $18,000 and began another decline. BTC is showing bearish signs and could drop to $15,000 soon.

  • Bitcoin started a new decline from the $18,000 and $18,150 resistance levels.
  • The price is trading below $18,000 and the 100 hourly simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a key bearish trend line is forming with resistance near $16,600.
  • In the near future, the pair may resume falling below the $15,500 support zone.

The price of bitcoin resumes its fall

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

The high was formed around $18,155 and there was another decline similar to ethereum, bnb and ripple. The price fell below the $17,500 and $17,200 support levels. The bears pushed the price below the 50% Fibonacci retracement level of the up move from the $15,555 swing low to the $18,155 high.

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

The price also jumped once below the 76.4% Fibonacci retracement level of the up move from the $15,555 swing low to the $18,155 high. On the other hand, immediate resistance lies 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 could push the price even 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 down. 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 could see the price drop further. In this case, the price may decline towards the $15,000 support zone.

Technical indicators:

Hourly MACD – Now the MACD is gaining momentum in the bearish zone.

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

The main support levels are $16,000 followed by $15,550.

The main resistance levels are $16,800, $17,000 and $17,500.

Written by khirou

Leave a Reply

Your email address will not be published. Required fields are marked *

The Elite of Blockchain Gaming Unite for the First GAM3 Awards

The Elite of Blockchain Gaming Unite for the First GAM3 Awards

Battledome Launches #1 Blockchain Game for Alien Worlds

Battledome Launches #1 Blockchain Game for Alien Worlds