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TA: Bitcoin Signaling Downturn, Why BTC Could Trade To New Monthly Low

Bitcoin worth is displaying bearish indicators beneath $18,050 in opposition to the US Dollar. BTC is now more likely to proceed decrease and it may even commerce beneath $17,500

  • Bitcoin is displaying a couple of bearish indicators beneath the $18,200 and $18,500 resistance ranges.
  • The worth is now buying and selling effectively beneath the $18,500 stage and the 100 hourly easy transferring common.
  • There is a significant bearish development line forming with resistance close to $18,380 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is more likely to break the $17,644 swing low and proceed decrease within the close to time period.

Bitcoin Price is Showing Bearish Signs

After struggling to clear the $18,600 resistance, bitcoin worth began a gentle decline. A excessive was shaped close to $18,640 earlier than BTC worth traded beneath the $18,400 stage.

The bulls appear to have misplaced management for the reason that worth is now buying and selling effectively beneath the $18,500 stage and the 100 hourly easy transferring common. There was a break beneath the 50% Fib retracement stage of the upward transfer from the $17,644 low to $18,640 swing excessive.

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The worth is buying and selling beneath the $18,000 stage and signaling extra losses. It can be beneath the 76.4% Fib retracement stage of the upward transfer from the $17,644 low to $18,640 swing excessive.

Source: BTCUSD on TradingView.com

There can be a significant bearish development line forming with resistance close to $18,380 on the hourly chart of the BTC/USD pair. On the draw back, the $17,644 swing low is a short-term help zone. If there’s a draw back break beneath the current low, there’s a danger of a pointy decline beneath the $17,500 stage. The subsequent key help is close to the $17,200 stage.

Upsides Capped in BTC?

If bitcoin begins a short-term upward transfer, it would battle to clear the $18,000 resistance stage. The first main resistance is close to the $18,200 stage.

The essential resistance is now forming close to the development line and $18,400. A transparent break above $18,400 and $18,500 might be very powerful within the coming periods.

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Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is at the moment effectively beneath the 50 stage.

Major Support Levels – $17,650, adopted by $17,200.

Major Resistance Levels – $18,000, $18,200 and $18,400.

EditorialTeam

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