Bitcoin value declined over 15% and even traded under $16,000. BTC stays at a threat of extra losses if it breaks the $15,000 help zone.
- Bitcoin remained in a bearish zone after the FTX collapse and declined under $16,000.
- The value is buying and selling under $17,500 and the 100 hourly easy shifting common.
- There is a serious bearish pattern line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might proceed to maneuver down if it stays under the $16,500 and $17,000 ranges.
Bitcoin Price Tumbles
Bitcoin value remained in a bearish zone after it settled under the $20,000 help zone. Binance opted out to bail FTX, leading to a rise in promoting stress. BTC declined under the $18,500 and $17,000 ranges.
The crypto market is bleeding and plenty of altcoins akin to ethereum, bnb, ripple are down over 15%. Bitcoin value additionally gained bearish momentum and traded under the $16,000 help stage. The value traded as little as $15,555 and is presently consolidating losses.
It is buying and selling under $17,500 and the 100 hourly easy shifting common. There can also be a serious bearish pattern line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair.
On the upside, an instantaneous resistance is close to the $16,400 stage. The first main resistance is close to the $16,650 stage. It is close to the 23.6% Fib retracement stage of the latest decline from the $20,671 swing excessive to $15,555 low.
Source: BTCUSD on TradingView.com
A transparent transfer above the pattern line resistance and $16,675 may begin a good restoration wave. The subsequent main resistance is close to $18,000 or the 50% Fib retracement stage of the latest decline from the $20,671 swing excessive to $15,555 low, above which the value might check the $20,000 zone.
More Losses in BTC?
If bitcoin fails to begin a restoration wave above the $16,500 resistance zone, it might proceed to maneuver down. An fast help on the draw back is close to the $15,800 stage.
The subsequent main help is close to the $15,500 zone. A transparent transfer under the $15,500 help may push the value additional decrease. In this case, the value could maybe decline under the $15,000 help zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 30 stage.
Major Support Levels – $15,800, adopted by $15,500.
Major Resistance Levels – $16,500, $16,675 and $18,000.
