Bitcoin price failed to clear $18,000 and a fresh decline began. BTC is showing bearish signs and it could drop towards the $15,000 level soon.
- Bitcoin started a fresh decline below the $18,000 and $18,150 resistance levels.
- The price is trading below $18,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may resume its decline below the $15,500 support area in the near term.
bitcoin price resumes decline
Bitcoin price attempted a recovery wave above the $17,500 resistance area. However, BTC failed to gain strength above the $18,000 resistance and remained below the 100 hourly simple moving average.
A high was formed near $18,155 and a fresh decline was forming, similar to Ethereum, BNB and Ripple. The price declined below the $17,500 and $17,200 support levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $15,555 low to $18,155 high.
Bitcoin price is now trading below $18,000 and the 100 hourly simple moving average. Moreover, a major bearish trend line is forming with resistance near $16,400 on the hourly chart of the BTC/USD pair.
The price also made an upside move below the 76.4% Fibonacci retracement level of the move from $15,555 low to $18,155 high. On the upside, an immediate resistance is near the $16,800 level and the trend line. The first major resistance is near the $17,000 level and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
A clear move above the $17,000 resistance could push the price higher. The next major resistance is near the $17,500 level, above which the price could test the $18,000 area.
More losses in BTC?
If bitcoin fails to start a recovery wave above the $17,000 resistance area, it is likely to continue lower. On the downside, immediate support is near the $16,000 level.
The next major support is near the $15,550 area. A clear move below the $15,550 support could push the price further lower. In this case, the price could decline towards the $15,000 support area.
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Level – $16,000, followed by $15,550.
Major resistance levels – $16,800, $17,000 and $17,500.