Bitcoin Value Rejects $18K, Why There may be Threat of One other 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 recent decline.

• Bitcoin began a restoration wave above the $17,000 and $17,200 resistance ranges.
• The value is buying and selling beneath $18,500 and the 100 hourly easy shifting common.
• There’s a key bullish development line forming with assist 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 beneath the $16,750 assist zone.

Bitcoin Value Faces Key Hurdle

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

The value traded as little as $15,555 and lately began an upside correction, much like ethereum, bnb, and ripple. There was a gentle 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 may be additionally a key bullish development line forming with assist close to $16,900 on the hourly chart of the BTC/USD pair.

Bitcoin worth additionally moved above the $17,500 degree, however 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 powerful resistance.

It’s now buying and selling beneath $18,500 and the 100 hourly easy shifting 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.

Supply: BTCUSD on TradingView.com

A transparent transfer above the $18,000 resistance would possibly push the worth additional larger. The following main resistance is close to $18,500 or the 100 hourly easy shifting common, above which the worth 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. A direct assist on the draw back is close to the $16,900 degree and the development line.

The following main assist is close to the $16,750 zone. A transparent transfer beneath the $16,750 assist would possibly push the worth additional decrease. On this case, the worth might maybe decline in the direction of the $16,000 assist 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 beneath the 50 degree.

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

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