• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
bitcoin price retreating to broken support. newsbtc

BTC Price Tech Analysis for 18/01/2016 – Retreating to Broken Support?

newsbtc by newsbtc
7 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Bitcoin Price Key Highlights

  • Bitcoin price has been on a sharp tumble ever since breaking below the long-term triangle support.
  • Price found support at the $350 area and appears to be ready for a pullback to the broken support zone or the Fibonacci retracement levels.
  • Technical indicators are also hinting at a potential pullback, as traders book profits off their recent short positions and trigger a quick bounce.

Bitcoin price might need to pull back to the nearby areas of interest before resuming its drop to the previous lows or much lower.

Potential Retracement Zones

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The 100 SMA is below the 200 SMA, confirming that the path of least resistance is to the downside and that further losses are likely. These moving averages also seem to be edging farther apart, indicating that bearish momentum is strengthening.

However, RSI just climbed out of the oversold region, indicating that the recent selloff is already exhausted and that sellers are taking a break for now. This could pave the way for a retracement to the Fibonacci levels visible on the 4-hour time frame.

Bitcoin price is approaching the 38.2% level near the $400 major psychological resistance, although higher corrections to the 50% Fib ($409.22) and the 61.8% level ($422.58) could be possible. The line in the sand is the moving average region at the $440 level, as a break past this area could lead to another attempt to break past the triangle resistance at $465.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

bitcoin price, bitcoin trading, bitcoin technical analysis

Stochastic is already on the move down, even though it hasn’t quite reached the overbought area yet. This could mean that sellers are eager to gain control of bitcoin price action, possibly pushing for a test of support at $350 or a selloff until the $300 area eventually.

At the moment, bitcoin price is stuck in tight consolidation, with market watchers still on the lookout for major catalysts.

Market Events

This week’s market schedule is full of top-tier events, which suggests that there could be plenty of volatility for the US dollar and bitcoin price. US banks are closed for the holiday today, though, so liquidity is lower.

China is set to print its Q4 growth data on Tuesday, along with industrial production data. Stronger than expected figures could renew risk sentiment and ease fears of another global economic slowdown, pushing higher-yielding and riskier holdings up. This could be positive for bitcoin price if investors take it as a cue to lighten their safe-haven dollar holdings.

Later on in the week, data on crude oil inventories and the BOC interest rate statement are also likely to spur strong moves across the financial markets. Keep in mind that the return of Iran to the oil export market could drive prices much lower, possibly prompting the Canadian central bank to make another pre-emptive rate cut.

As for the US itself, CPI figures are due and strong data could reinforce expectations of a March rate hike.

Intraday support level – $350

Intraday resistance level – $420

Technical Indicators Settings:

  • 100 SMA and 200 SMA
  • RSI (14)
  • Stochastic (8, 3, 3)

Charts from Bitstamp, courtesy of TradingView

Tags: bitcoin pricebitcoin tradingbtcusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

fetch ai fet chatgpt

Fetch.AI (FET) Soars 20% In Under 24 Hours As AI Arms Race Hastens

1 hour ago
Polkadot

Polkadot (DOT) Gains 6% In One Day As Market Sees Correction

2 hours ago
Litecoin

Litecoin (LTC) Tallies Over 12% Increase In Last 7 Seven Days

4 hours ago
DOT Price (Polkadot) Prediction

DOT Price (Polkadot) Prediction: Break Above $6.80 Could Spark Fresh Rally

16 hours ago
Ethereum Price

Ethereum Price Looks Ready For Another Leg Higher Over $1,700

17 hours ago
Bitcoin

Bitcoin Price Just Saw Key Technical Correction, But 100 SMA Is Still Strong

18 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

ApeCoin (APE), Dogecoin (DOGE), and Snowfall Protocol (SNW) – Three Great Coins for NFT Lovers

February 3, 2023

Turn Playtime into Paytime with RankerDAO’s Gaming Crypto Platform

February 3, 2023

Fetch.ai (FET) up 200% in 30 days – Orbeon Protocol (ORBN) Skyrockets by 1400% in Presale

February 3, 2023

Dacxi.com rebrands to Wealth99

February 2, 2023

What Is the Latest in Crypto? Terra Classic Community Approves Crucial Proposal to Resume Terra CLasic (LUNC) Burns, Fetch.Ai (FET) Ranks Among the Top AI Altcoins for Investors In 2023, Snowfall DEX Attracts More Investors to Snowfall Protocol (SNW) with A Week to Official Launch

February 2, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.