Short-term dips for Bitcoin can pose a threat of another price crash soon as the price failed to shoot higher above $18,800 and started correcting lower against the US Dollar. In today’s Bitcoin news, we are reading more on the price analysis.
BTC is now trading below the 100 hourly SMA and shows a few bearish signs. Bitcoin is facing a strong resistance near the $18,700 and the $18,800 levels but the price is now trading below the $18,500 level. There are short-term dips forming at the ascending channel forming with the support near the $18,150 on the hourly chart of the pair. The pair could correct sharply below the $18,150 and the $18,000 levels in the short-term.
There were a few swing moves in Bitcoin’s price below the $18,200 and $18,000 levels so Bitcoin traded closer to the $17,500 support before the new fresh increase. However, the prices had a hard time gaining momentum and there seemingly was a strong rejection level near the $18,700 forming. The last swing high was close to $18,700 before the price crashed below $18,200. BTC was later trading as low as $17,991 and settled below the 100 hourly simple moving average. Bitcoin is still correcting and trading above $18,100 with a break above the 23.6% Fib retracement level from the decline at $18,703 high to $17,991 low.
The immediate resistance is close to the $18,350 level and the 100 hourly simple moving average with a close to 50% fib retracement level from the decline at $18,703 high to $17,991 low. What’s even more to it, a short-term ascending channel forming close to $18,150 on the hourly chart of the pair, there’s a downside break below the channel support with more risks of another crash below the $18,000 support level. The next major support on the downside is close to the $17,500 and the $17,350 levels.
If BTC stays above the channel support of $18,000, it could start another increase above the 100 hourly SMA. The first major resistance is close to the $18,500 level with the main hurdle being the $18,800 level for the bulls. Breaking above this zone is a must for a new rally. The next major resistance above $18,800 will be $19,500. The MACD is now gaining momentum in the bearish zone while the hourly RSI for the pair is correcting higher towards the 50 level. The major support levels include $18,150 followed by the $18,000.
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