A new Bitcoin downturn starts forming with more bearish signs below $18,050 against the US dollar. BTC is now likely to drift lower and could even trade below $17,500 as we can see more today in our latest Bitcoin news.
BTC shows more bearish signs below the $18,200 level and the $18,500 resistance level with the price trading well below the $18,500 and the 100 hourly simple moving average. There’s also a major bearish trend line that is forming near the $18,380 resistance on the hourly charts of the pair with more chances to break the $17,644 swing low and continue lower in the near term.
After struggling to surpass the $18,600 resistance, BTC’s price started a steady drop with a new high forming near the $18,640 before the price traded below the $18,400 level. The bulls lost control as the price is trading well below the $18,500 level and the 100 hourly simple moving average. There was also a break below the 50% fib retracement level from the upward movement at $17,644 low to $18,540 swing high.
The price started trading below the $18,000 level with more losses forming and it is also below the 76.4% fib retracement level from the upward movement at $17,644 low to $18,640 high. There’s also a major bearish trend line forming with the resistance near $18,380 on the hourly charts of the pair. On the downside, the $17,644 swing low poses as a short-term support zone so if there’s a downside break below the recent low, there’s a risk of another decline with the next key support nearing the $17,200 level.
If BTC starts a short-term upward movement, it could have a hard time clearing the $18,000 resistance level with the first major resistance nearing the $18,200 level. The main resistance can now start forming near the $18,400 trend line with a break above $18,400 and the $18,500 that will likely be extremely hard in the upcoming seasons since a new Bitcoin downturn starts forming. The hourly MACD for the pair is gaining pace in the bearish zone while the hourly RSI is well below the 50 levels. Some major support levels include $17,650 while other major resistance levels are set at $18,000 and $18,200.
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