spot_img
Monday, December 5, 2022
More
    HomeMarketBitcoin Price Rejects $18K, Why There is Risk of Another Drop To...

    Bitcoin Price Rejects $18K, Why There is Risk of Another Drop To $16K

    -


    Bitcoin worth recovered over $1,500 and climbed above $17,500. BTC did not clear the $18,000 resistance and began a contemporary decline.

    • Bitcoin began a restoration wave above the $17,000 and $17,200 resistance ranges.
    • The value is buying and selling under $18,500 and the 100 hourly easy transferring common.
    • There’s a key bullish pattern line forming with help close to $16,900 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair might resume its decline if there’s a shut under the $16,750 help zone.

    Bitcoin Worth Faces Key Hurdle

    Bitcoin worth declined closely under the $18,000 help zone. FTX’s fall remains to be hurting the market and there was a robust decline in direction of the $16,000 help zone.

    The value traded as little as $15,555 and not too long ago began an upside correction, much like ethereum, bnb, and ripple. There was a gradual restoration wave above the $16,500 and $17,000 resistance ranges. The value climbed above the 23.6% Fib retracement degree of the principle decline from the $20,670 swing excessive to $15,555 low. There’s additionally a key bullish pattern line forming with help close to $16,900 on the hourly chart of the BTC/USD pair.

    Bitcoin worth additionally moved above the $17,500 degree, nevertheless it struggled close to the $18,000 resistance zone. The 50% Fib retracement degree of the principle decline from the $20,670 swing excessive to $15,555 low additionally acted as a robust resistance.

    It’s now buying and selling under $18,500 and the 100 hourly easy transferring common. On the upside, a right away resistance is close to the $17,400 degree. The primary main resistance is close to the $18,000 degree.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A transparent transfer above the $18,000 resistance may push the value additional increased. The following main resistance is close to $18,500 or the 100 hourly easy transferring common, above which the value might take a look at the $20,000 zone.

    Extra Losses in BTC?

    If bitcoin fails to begin a restoration wave above the $18,500 resistance zone, it might proceed to maneuver down. An instantaneous help on the draw back is close to the $16,900 degree and the pattern line.

    The following main help is close to the $16,750 zone. A transparent transfer under the $16,750 help may push the value additional decrease. On this case, the value might maybe decline in direction of the $16,000 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 degree.

    Main Help Ranges – $16,900, adopted by $16,750.

    Main Resistance Ranges – $17,400, $18,000 and $18,500.



    Source link

    Related articles

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    spot_img

    Latest posts