Bitcoin has dropped by more than 5.70% and is now trading below $16,000 per coin. BTC is still vulnerable to more losses if it breaches the $15,000 support level.
Bitcoin is currently trading below
the $16,000 support level in relation to the US dollar, signalling a bearish trend. Bitcoin might go far below the $15,500 support level.
On the 24-hour candlestick chart for Bitcoin price analysis, price has been declining for four days in a row since November 6, forming a downtrending pattern.
The price has just begun to increase, and there has been a steady rebound wave over the $16,500 and $17,000 resistance levels. The price surpassed the 23.6% Fib retracement level of the major drop from the swing high of $20,700 to the low of $15,588.
Bitcoin's price also rose above $17,500, but struggled near the $18,000 resistance zone, hitting at $18,199. The 50% Fib retracement level of the main decline from the $20,700 swing high to the $15,588 low was also a strong resistance level.
It is currently trading below $16,000 as well as the 9 hourly simple moving average. As BTC is looking bearish and trading near two year low, if BTC breach the low with heavy volume then panic selling can be seen in near term for the objective of $14,000-$13,000.
On the upside, an immediate resistance level is near $16,200 and the 9 hourly simple moving average. The first significant resistance is located near the $16,500 level and the 21 hourly simple moving average. A clear break above the $17,000 resistance level and the 100 hourly simple moving average could push the price even higher. The next significant resistance is near $17,500, above which the price could test the $18,000 zone.
If bitcoin fails to break through the $16,100 resistance zone, it may continue to fall. On the downside, the $15,500 level provides immediate support. The next major support level is around $15,000. A clear break below the $15,000 support level could push the price even lower. In this case, the price may fall towards the $14,000 support level.
According to Price Analysis, The market capitalization of this BTC is estimated to be $305,187,881,760. The 24-hour trading volume for the coin is around $32,504,430,402. BTC market capitalization has fallen by 5.71%. However, trade volume increased by 25.73% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $16,300-$17,000
SUPPORT LEVEL : $15,500-$15,000
According to chart analysis, after forming Three Black Crows, we are now seeing selling pressure today, and BTC is trading near the previous low of $15,588. Will Bitcoin break through the two-year low and hit a new low? Please express your thoughts in the comments section below.
