Bitcoin Price Takes Major Hit, Why The Bears Are Not Done Yet

Bitcoin worth declined over 10% and even spiked under $18,000. BTC stays at a danger of extra losses, because the FTX faces extra warmth.

• Bitcoin began didn’t recuperate floor and declined over 10%.
• The worth is buying and selling under $19,500 and the 100 hourly easy shifting common.
• There’s a connecting bearish development line forming with resistance close to $18,380 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might proceed to maneuver down in direction of the $17,500 and $16,800 help ranges.

Bitcoin Value Nosedives

Bitcoin worth began a significant decline after it settled under the $20,000 help zone. FTX’s issues escalated the problems and the crypto market confronted a powerful promoting stress. BTC declined under the $19,500 and $19,000 ranges.

The bears have been in a position to push the worth under the important thing $18,500 help. The worth even dives under the $18,000 degree and settled nicely under the 100 hourly easy shifting common. A low was fashioned close to $17,276 and the worth just lately corrected greater.

There was a transfer above the $18,000 degree. Bitcoin worth climbed above the 23.6% Fib retracement degree of the latest decline from the $20,670 swing excessive to $17,276 low.

The worth is now buying and selling under $19,000 and the 100 hourly easy shifting common. On the upside, a right away resistance is close to the $18,400 degree. There’s additionally a connecting bearish development line forming with resistance close to $18,380 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $19,000 degree. It’s close to the 50% Fib retracement degree of the latest decline from the $20,670 swing excessive to $17,276 low. A transparent transfer above the development line resistance and $19,000 would possibly begin a contemporary improve in direction of $20,000. The following main resistance is close to $20,500, above which the worth might check the $21,000 zone.

Extra Losses in BTC?

If bitcoin fails to begin a restoration wave above the $19,000 resistance zone, it might resume its decline. A direct help on the draw back is close to the $18,000 degree.

The following main help is close to the $17,250 zone. A transparent transfer under the $17,250 help would possibly push the worth additional decrease. On this case, the worth could maybe decline in direction of the $16,800 degree.

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 degree.

Main Help Ranges – $18,000, adopted by $17,250.

Main Resistance Ranges – $18,400, $19,000 and $20,000.