Bitcoin Price Downtrend Far From Over, Why BTC Could Test $15K
15 November 2022 - 1:59AM
NEWSBTC
Bitcoin price failed to clear $18,000 and started a fresh decline.
BTC is showing bearish signs and it might soon decline towards the
$15,000 level. Bitcoin started a fresh decline from 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 key bearish trend
line forming with resistance near $16,600 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could resume its
decline below the $15,500 support zone in the near term. Bitcoin
Price Resumes Drop Bitcoin price attempted a recovery wave above
the $17,500 resistance zone. However, BTC failed to gain strength
above the $18,000 resistance and stayed below the 100 hourly simple
moving average. A high was formed near $18,155 and there was a
fresh decline, 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 swing low to $18,155 high. Bitcoin price is
now trading below $18,000 and the 100 hourly simple moving average.
Besides, there is a key bearish trend line forming with resistance
near $16,400 on the hourly chart of the BTC/USD pair. The price
also spiked once below the 76.4% Fib retracement level of the
upward move from the $15,555 swing 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 might
push the price further higher. The next major resistance is near
$17,500, above which the price could test the $18,000 zone. More
Losses in BTC? If bitcoin fails to start a recovery wave above the
$17,000 resistance zone, it could continue to move down. An
immediate support on the downside is near the $16,000 level. The
next major support is near the $15,550 zone. A clear move below the
$15,550 support might push the price further lower. In this case,
the price may perhaps decline towards the $15,000 support zone.
Technical indicators: Hourly MACD – The MACD is now gaining pace in
the bearish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now below the 50 level. Major Support Levels –
$16,000, followed by $15,550. Major Resistance Levels – $16,800,
$17,000 and $17,500.
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