Bitcoin price started a fresh decline below the ,000 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There was a break above a short-term bearish trend line with resistance near ,920 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 ,500 resistance zone. Bitcoin price is struggling below ,000 against the US Dollar. BTC might extend losses if it stays below the ,500 and ,500 resistance levels. Bitcoin Price Analysis Bitcoin price started a fresh decline from the ,500 zone. There was a steady decline below the ,000 and ,500 support levels. The decline gained pace below the ,000 level and the 55
Topics:
Aayush Jindal considers the following as important: Bitcoin, Bitcoin News, BTC, News, Trading
This could be interesting, too:
Bitcoin Schweiz News writes Die besten Bitcoin-Börsen für die Schweiz: Sortiert nach Trustpilot-Rating
Bitcoin Schweiz News writes Diese 3 Bitcoin-Börsen sind für Anfänger besonders geeignet
Temitope Olatunji writes X Empire Unveils ‘Chill Phase’ Update: Community to Benefit from Expanded Tokenomics
Bhushan Akolkar writes Cardano Investors Continue to Be Hopeful despite 11% ADA Price Drop
- Bitcoin price started a fresh decline below the $20,000 zone against the US Dollar.
- The price is now trading below $18,000 and the 55 simple moving average (4-hours).
- There was a break above a short-term bearish trend line with resistance near $16,920 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 $17,500 resistance zone.
Bitcoin price is struggling below $18,000 against the US Dollar. BTC might extend losses if it stays below the $17,500 and $18,500 resistance levels.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $21,500 zone. There was a steady decline below the $20,000 and $18,500 support levels.
The decline gained pace below the $18,000 level and the 55 simple moving average (4-hours). The bears even pushed the price below the $17,000 level. The price tested the $15,500 support zone and is now consolidating losses.
There was a minor increase above the $16,500 level. Besides, there was a break above a short-term bearish trend line with resistance near $16,920 on the 4-hours chart of the BTC/USD pair.
It is now trading near the 23.6% Fib retracement level of the downward move from the $21,478 swing high to $15,512 low. An immediate resistance on the upside is near the $17,500 level and the 55 simple moving average (4-hours).
The first major resistance is near the $18,000 level. A clear move above the $18,000 level might send the price towards $18,500. It is near the 50% Fib retracement level of the downward move from the $21,478 swing high to $15,512 low.
Any more gains might push the price towards the $19,500 zone. If there is no upside break, the price might continue to decline below $16,500. 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 $15,000 level. Any more losses might send the price towards the $14,500 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $18,500 and the 55 simple moving average (4-hours). Overall, the price could recover, but upsides might be limited above the $17,500 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 near the 50 level.
Key Support Levels – $16,400 and $15,500.
Key Resistance Levels – $17,500, $18,000 and $18,500.