Bitcoin price started a fresh decline below the ,000 zone against the US Dollar. The price is now trading near ,450 and the 55 simple moving average (4-hours). There is a key bearish trend line forming with resistance near ,500 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could recover, but upsides might be limited above the ,450 resistance zone. Bitcoin price is struggling below ,000 against the US Dollar. BTC might extend losses if it stays below the ,450 and ,500 resistance levels. Bitcoin Price Analysis Bitcoin price started a fresh decline below the ,500 zone. There was a steady decline below the ,500 and ,500 support levels. The decline gained pace below the ,500 level and the 55 simple moving
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- Bitcoin price started a fresh decline below the $18,000 zone against the US Dollar.
- The price is now trading near $16,450 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $16,500 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could recover, but upsides might be limited above the $17,450 resistance zone.
Bitcoin price is struggling below $17,000 against the US Dollar. BTC might extend losses if it stays below the $17,450 and $18,500 resistance levels.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $20,500 zone. There was a steady decline below the $19,500 and $18,500 support levels.
The decline gained pace below the $17,500 level and the 55 simple moving average (4-hours). The bears even pushed the price below the $16,000 level. The price again tested the $15,500 support zone and is now correcting losses.
There was a minor increase above the $16,000 level. The price is now trading near $16,450 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $16,500 level.
There is also a key bearish trend line forming with resistance near $16,500 on the 4-hours chart of the BTC/USD pair. The next major resistance might near the $16,900 zone. It is close to the 23.6% Fib retracement level of the key drop from the $21,479 swing high to $15,510 low.
The first major resistance is near the $17,000 level. A clear move above the $17,000 level might send the price towards $17,500, above which the price might rise towards the 50% Fib retracement level of the key drop from the $21,479 swing high to $15,510 low.
Any more gains might push the price towards the $19,000 zone. If there is no upside break, the price might continue to decline below $16,000. The next key support is near the $15,500 level, below which the price might accelerate lower.
In the stated case, the price could decline towards the $14,200 level. Any more losses might send the price towards the $13,800 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading near $16,500 and the 55 simple moving average (4-hours). Overall, the price could recover, but upsides might be limited above the $17,450 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $16,000 and $15,500.
Key Resistance Levels – $16,500, $17,000 and $17,500.