Bitcoin Value Pattern Overwhelmingly Unfavorable, Bears Goal K

Bitcoin Value Pattern Overwhelmingly Unfavorable, Bears Goal $13K

by Jeremy

Bitcoin worth prolonged losses and retested the $15,800 assist. BTC may proceed to maneuver down in the direction of the $15,000 and $14,000 ranges.

  • Bitcoin began a recent decline beneath the $16,000 and $15,800 ranges.
  • The worth is buying and selling beneath $16,400 and the 100 hourly easy shifting common.
  • There’s a main bearish development line forming with resistance close to $16,150 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair stays at a threat of extra losses in the direction of the $15,000 degree and even $14,000.

Bitcoin Value Revisit $15,500

Bitcoin worth began a recent decline from the $17,000 resistance. BTC gained bearish momentum after it settled beneath the $16,500 assist zone.

There was a transfer beneath the $16,000 degree and the 100 hourly easy shifting common. The bears had been in a position to push the value in the direction of the important thing $15,500 assist zone. A low is shaped close to $15,470 and the value is now correcting losses.

There was a minor enhance above the $15,800 resistance zone. Bitcoin worth cleared the 23.6% Fib retracement degree of the latest drop from the $16,795 swing excessive to $15,470 low.

On the upside, a right away resistance is close to the $15,880 degree. The primary main resistance is close to the $16,150 zone. There may be additionally a serious bearish development line forming with resistance close to $16,150 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The 50% Fib retracement degree of the latest drop from the $16,795 swing excessive to $15,470 low. The following main resistance is close to the $16,400 degree. The worth should clear the development line resistance after which $16,400 to start out a good enhance. The following main resistance is close to $16,500, above which the value may achieve tempo for a transfer in the direction of the $17,000 zone.

Extra Losses in BTC?

If bitcoin fails to get better above the $16,150 resistance zone, it may proceed to maneuver down. An instantaneous assist on the draw back is close to the $15,650 degree.

The following main assist is close to the $15,500 zone, beneath which the value would possibly check the important thing assist at $15,000. A transparent transfer beneath the $15,000 assist would possibly ship the value additional decrease, could also be in the direction of $13,200.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 degree.

Main Assist Ranges – $15,650, adopted by $15,500.

Main Resistance Ranges – $16,150, $16,400 and $16,500.

Supply hyperlink

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