Bitcoin price shows signs of decline below $ 18,050 against the US Dollar. According to renowned analyst Aayush Jindal, the Bitcoin price may continue to decline right now and even trade below $ 17,500.
Bitcoin price shows several bearish signs below the $ 18,200 and $ 18,500 resistance levels.
The price is currently trading well below the $ 18,500 level and the 100 hourly simple moving average.
There is a major bearish trend line on the hourly chart of the BTC / USD pair with resistance around $ 18,380.
The pair is likely to decline to the $ 17,644 level and continue to decline in the near term.
Bitcoin price is showing bearish signs! Here’s what can happen …
After struggling to overcome the $ 18,600 resistance, the bitcoin price started a steady decline. A high was formed around $ 18,640 before BTC price traded below the $ 18,400 level. The bulls seem to have lost control as the price is currently trading well below the $ 18,500 level and the 100 hourly simple moving average.
BTC slid below the 50% Fib retracement level of the upward move. The price is trading below the $ 18,000 level and points to more losses. At the same time, BTC is below the 76.4% Fib retracement level of the move from $ 17,644 to $ 18,640. There is also a major bearish trend line with resistance around $ 18,380 on the hourly chart of the BTC / USD pair.
Here are the levels that Bitcoin price can see in the short term.
On the downside, the $ 17,644 level is a short term support zone. If there is a downside break below the recent low, there is a risk of a sharp drop below the $ 17,500 level. The next key support is near the $ 17,200 level, according to the analyst.
If Bitcoin starts a short-term upward move, it could struggle to clear the $ 18,000 resistance level, according to the analyst. The first major resistance is near the $ 18,200 level, according to the analyst. The main resistance is currently forming near the trend line and around $ 18,400. A clear break above $ 18,400 and $ 18,500 in the next sessions could be very difficult, according to the analyst.
Current view of Bitcoin price with technical indicators
Hourly MACD: The MACD for BTC / USD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently well below the 50 level.
Major Support Levels: $ 17,650 followed by $ 17,200.
Major Resistance Levels: $ 18,000, $ 18,200 and $ 18,400.