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Bitcoin

Bitcoin Price Trend Overwhelmingly Negative, Bears Target $13K

Aayush Jindal by Aayush Jindal
6 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price extended losses and retested the $15,800 support. BTC could continue to move down towards the $15,000 and $14,000 levels.

  • Bitcoin started a fresh decline below the $16,000 and $15,800 levels.
  • The price is trading below $16,400 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $16,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of more losses towards the $15,000 level or even $14,000.

Bitcoin Price Revisit $15,500

Bitcoin price started a fresh decline from the $17,000 resistance. BTC gained bearish momentum after it settled below the $16,500 support zone.

There was a move below the $16,000 level and the 100 hourly simple moving average. The bears were able to push the price towards the key $15,500 support zone. A low is formed near $15,470 and the price is now correcting losses.

There was a minor increase above the $15,800 resistance zone. Bitcoin price cleared the 23.6% Fib retracement level of the recent drop from the $16,795 swing high to $15,470 low.

On the upside, an immediate resistance is near the $15,880 level. The first major resistance is near the $16,150 zone. There is also a major bearish trend line forming with resistance near $16,150 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the recent drop from the $16,795 swing high to $15,470 low. The next major resistance is near the $16,400 level. The price must clear the trend line resistance and then $16,400 to start a decent increase. The next major resistance is near $16,500, above which the price could gain pace for a move towards the $17,000 zone.

More Losses in BTC?

If bitcoin fails to recover above the $16,150 resistance zone, it could continue to move down. An immediate support on the downside is near the $15,650 level.

The next major support is near the $15,500 zone, below which the price might test the key support at $15,000. A clear move below the $15,000 support might send the price further lower, may be towards $13,200.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $15,650, followed by $15,500.

Major Resistance Levels – $16,150, $16,400 and $16,500.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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