Bitcoin price started a fresh decline below the ,200 zone against the US Dollar. The price is now trading below ,200 and the 55 simple moving average (4-hours). There was a break below a key bullish trend line with support near ,180 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could start another decline if it stays below the ,350 resistance zone. Bitcoin price is struggling below ,200 against the US Dollar. BTC might extend losses if it stays below the ,200 and ,350 resistance levels. Bitcoin Price Analysis Bitcoin price started a fresh decline below the ,800 zone. There was a steady decline below the ,500 and ,350 support levels. The decline gained pace below the ,200 level and the 55 simple moving
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- Bitcoin price started a fresh decline below the $17,200 zone against the US Dollar.
- The price is now trading below $17,200 and the 55 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $17,180 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start another decline if it stays below the $17,350 resistance zone.
Bitcoin price is struggling below $17,200 against the US Dollar. BTC might extend losses if it stays below the $17,200 and $17,350 resistance levels.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $17,800 zone. There was a steady decline below the $17,500 and $17,350 support levels.
The decline gained pace below the $17,200 level and the 55 simple moving average (4-hours). The bears even pushed the price below the $16,500 level. Besides, there was a break below a key bullish trend line with support near $17,180 on the 4-hours chart of the BTC/USD pair.
The price again tested the $16,250 support zone and is now correcting losses. There was a minor increase above the $16,700 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $18,385 swing high to $16,273 low.
The price is now trading below $17,200 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $17,200 level.
The next major resistance might near the $17,350 zone. It is close to the 50% Fib retracement level of the recent decline from the $18,385 swing high to $16,273 low. The first major resistance is near the $17,500 level. A clear move above the $17,500 level might send the price towards $18,000, above which the price might rise towards the $18,500 level.
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 $16,700. The next key support is near the $16,500 level, below which the price might accelerate lower.
In the stated case, the price could decline towards the $16,200 level. Any more losses might send the price towards the $15,500 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $17,200 and the 55 simple moving average (4-hours). Overall, the price could start another decline if it stays below the $17,350 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now near the 50 level.
Key Support Levels – $16,500 and $16,200.
Key Resistance Levels – $17,200, $17,350 and $17,500.