- Bitcoin price recovered recently, but it failed to move above the $16,400 resistance against the US Dollar.
- There is a crucial bearish trend line forming with current resistance at $14,200 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
- The pair recently broke a connecting bullish trend line at $13,500 and made a downside move.
Bitcoin price is currently under pressure below $15,000 against the US Dollar. BTC/USD remains at a risk of more declines in the near term.
Bitcoin Price Decline
After a sharp downside move, bitcoin price recovered nicely above the $15,000 level against the US Dollar. The price even traded above the $16,000 level. However, buyers failed to move above the $16,500 level and the 100 simple moving average (4-hours). A downside move is initiated and the price has moved below the 23.6% Fib retracement level of the last wave from the $10,688 low to $16,384 high.
There is currently a lot of bearish pressure on bitcoin and the price is trading below $13,500. There was also a break below the 50% Fib retracement level of the last wave from the $10,688 low to $16,384 high. During the downside move, the price broke a connecting bullish trend line at $13,500 on the 4-hours chart. It has opened the doors for more declines below $13,000 in the near term.
On the upside, there is a crucial bearish trend line forming with current resistance at $14,200 on the 4-hours chart of BTC/USD. The pair might continue to decline and it could even break the 76.4% Fib retracement level of the last wave from the $10,688 low to $16,384 high. Any recoveries from the current levels toward $14,000 remains a short-term sell opportunity.
Looking at the technical indicators:
4-hours MACD – The MACD is currently in the bearish slope.
4-hours RSI (Relative Strength Index) – The RSI is currently well below the 50 level.
Major Support Level – $12,000
Major Resistance Level – $14,000
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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