New Delhi(CoinChapter.com): Bitcoin price is showing bearish signs below $17,500 on the daily chart. BTC/USD could decline heavily if there is a clear move below $16,000.
Bitcoin Price Turns Red
This month, bitcoin price found support near the $15,480 zone. The BTC/USD pair started an upside correction above the $16,000 and $16,200 resistance levels.
The bulls were able to push the price above the 23.6% Fib retracement level of the key decline from the $21,470 swing high to $15,487 zone. The price even spiked above the $17,500 resistance zone and the 50-day simple moving average (blue).
However, the bears were active near the $18,400 and $18,500 resistance levels. The price also stayed below the 50% Fib retracement level of the key decline from the $21,470 swing high to $15,487 zone.
Besides, there is a major bearish trend line forming with resistance near $18,350 on the daily chart. On the upside, an immediate resistance is near the $16,900 level and the 50 simple moving average (4-hours, blue).
The next key resistance might be near the $18,000 level. The main hurdle is near the trend line and the $18,500 level. A clear move above the $18,000 resistance and $18,500 could start a steady increase.
In the stated case, the price might rise towards the $20,000 resistance. If the bulls push the price above the $20,000 barrier, the price might retest the $21,500 level.
More Downsides?
If there is no upside break above $18,000, the price might continue to move down. An immediate support is near the $16,300 level. The first major support is near the $16,000 level. The main support is still near $15,450 level, below which the price could gain bearish momentum.
In the stated case, the price may perhaps test the $15,000 support. Any more losses might open the doors for a drop towards the $14,000 level.
Overall, bitcoin price is showing bearish signs below the $17,500 support. The current daily chart is pointing towards a major decline below the $16,000 level if the bears remain in action. Conversely, the price may perhaps start a decent increase towards $18,500 and then $20,000.
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