Tuesday, June 25, 2024

Why BTC Might Nonetheless Tumble Beneath $16K

by Jeremy

Bitcoin value did not clear $18,000 and corrected decrease. BTC is signaling bearish indicators and would possibly even begin a contemporary decline within the coming periods.

  • Bitcoin began a downward transfer and traded under the $17,600 assist.
  • The value is buying and selling under $17,500 and the 100 hourly easy shifting common.
  • There was a break under a serious bullish development line with assist close to $17,620 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might proceed to maneuver decrease until it reclaims the 100 hourly SMA.

Bitcoin Value Restarts Decline

Bitcoin value tried an upside break above the $18,400 zone resistance zone. BTC failed to remain above the $18,000 pivot stage and reacted the draw back.

A excessive was fashioned close to $18,387 earlier than the worth began a contemporary decline. There was a transparent transfer under the $18,200 and $18,000 ranges. The value declined under the 50% Fib retracement stage of the important thing wave from the $16,881 low to $18,387 excessive.

Moreover, there was a break under a serious bullish development line with assist close to $17,620 on the hourly chart of the BTC/USD pair. Bitcoin value is now under $17,500 and the 100 hourly easy shifting common.

Bitcoin Price Prediction

Supply: BTCUSD on TradingView.com

On the upside, a direct resistance is close to the $17,500 stage and the 100 hourly easy shifting common. The primary main resistance is close to the $17,650 zone, above which the worth might maybe revisit the $18,000 zone. The subsequent main resistance is close to $18,380, above which the worth would possibly achieve tempo and rise in direction of the $19,000 stage.

Extra Losses in BTC?

If bitcoin fails to clear the $17,650 resistance, there may very well be extra downsides. A direct assist on the draw back is close to the $17,240 stage. It’s close to the 76.4% Fib retracement stage of the important thing wave from the $16,881 low to $18,387 excessive.

The subsequent main assist is close to the $17,000 zone. A draw back break under the $17,000 assist would possibly name extra losses. Within the acknowledged case, the worth might decline in direction of the $16,500 assist within the close to time period. Any extra losses would possibly stage a bigger decline under the $16,000 stage within the coming days.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 50 stage.

Main Assist Ranges – $17,250, adopted by $17,000.

Main Resistance Ranges – $17,650, $18,000 and $18,380.

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