Bitcoin Price Takes Major Hit, Why The Bears Are Not Done Yet
08 Novembro 2022 - 11:56PM
NEWSBTC
Bitcoin price declined over 10% and even spiked below $18,000. BTC
remains at a risk of more losses, as the FTX faces more heat.
Bitcoin started failed to recover ground and declined over 10%. The
price is trading below $19,500 and the 100 hourly simple moving
average. There is a connecting bearish trend line forming with
resistance near $18,380 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could continue to move down
towards the $17,500 and $16,800 support levels. Bitcoin Price
Nosedives Bitcoin price started a major decline after it settled
below the $20,000 support zone. FTX’s problems escalated the issues
and the crypto market faced a strong selling pressure. BTC declined
below the $19,500 and $19,000 levels. The bears were able to push
the price below the key $18,500 support. The price even dives below
the $18,000 level and settled well below the 100 hourly simple
moving average. A low was formed near $17,276 and the price
recently corrected higher. There was a move above the $18,000
level. Bitcoin price climbed above the 23.6% Fib retracement level
of the recent decline from the $20,670 swing high to $17,276 low.
The price is now trading below $19,000 and the 100 hourly simple
moving average. On the upside, an immediate resistance is near the
$18,400 level. There is also a connecting bearish trend line
forming with resistance near $18,380 on the hourly chart of the
BTC/USD pair. Source: BTCUSD on TradingView.com The first major
resistance is near the $19,000 level. It is near the 50% Fib
retracement level of the recent decline from the $20,670 swing high
to $17,276 low. A clear move above the trend line resistance and
$19,000 might start a fresh increase towards $20,000. The next
major resistance is near $20,500, above which the price could test
the $21,000 zone. More Losses in BTC? If bitcoin fails to start a
recovery wave above the $19,000 resistance zone, it could resume
its decline. An immediate support on the downside is near the
$18,000 level. The next major support is near the $17,250 zone. A
clear move below the $17,250 support might push the price further
lower. In this case, the price may perhaps decline towards the
$16,800 level. Technical indicators: Hourly MACD – The MACD is now
gaining pace in the bearish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now below the 50 level. Major
Support Levels – $18,000, followed by $17,250. Major Resistance
Levels – $18,400, $19,000 and $20,000.
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