Bitcoin Price Downtrend Far From Over, Why BTC Could Test $15K

Bitcoin worth did not clear $18,000 and began a contemporary decline. BTC is displaying bearish indicators and it would quickly decline in the direction of the $15,000 stage.

• Bitcoin began a contemporary decline from the $18,000 and $18,150 resistance ranges.
• The worth is buying and selling under $18,000 and the 100 hourly easy transferring common.
• There’s a key bearish development line forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may resume its decline under the $15,500 help zone within the close to time period.

Bitcoin Value Resumes Drop

Bitcoin worth tried a restoration wave above the $17,500 resistance zone. Nonetheless, BTC failed to achieve energy above the $18,000 resistance and stayed under the 100 hourly easy transferring common.

A excessive was shaped close to $18,155 and there was a contemporary decline, just like ethereum, bnb, and ripple. The worth declined under the $17,500 and $17,200 help ranges. The bears pushed the worth under the 50% Fib retracement stage of the upward transfer from the $15,555 swing low to $18,155 excessive.

Bitcoin worth is now buying and selling under $18,000 and the 100 hourly easy transferring common. In addition to, there’s a key bearish development line forming with resistance close to $16,400 on the hourly chart of the BTC/USD pair.

The worth additionally spiked as soon as under the 76.4% Fib retracement stage of the upward transfer from the $15,555 swing low to $18,155 excessive. On the upside, a direct resistance is close to the $16,800 stage and the development line. The primary main resistance is close to the $17,000 stage and the 100 hourly easy transferring common.

Supply: BTCUSD on TradingView.com

A transparent transfer above the $17,000 resistance may push the worth additional greater. The subsequent main resistance is close to $17,500, above which the worth may check the $18,000 zone.

Extra Losses in BTC?

If bitcoin fails to start out a restoration wave above the $17,000 resistance zone, it may proceed to maneuver down. A direct help on the draw back is close to the $16,000 stage.

The subsequent main help is close to the $15,550 zone. A transparent transfer under the $15,550 help may push the worth additional decrease. On this case, the worth could maybe decline in the direction of the $15,000 help zone.

Technical indicators:

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

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

Main Help Ranges – $16,000, adopted by $15,550.

Main Resistance Ranges – $16,800, $17,000 and $17,500.