Bitcoin Price Plunges 15%, Can Buyers Save The Key $15K Support?
November 09 2022 - 8:42PM
NEWSBTC
Bitcoin price declined over 15% and even traded below $16,000. BTC
remains at a risk of more losses if it breaks the $15,000 support
zone. Bitcoin remained in a bearish zone after the FTX collapse and
declined below $16,000. The price is trading below $17,500 and the
100 hourly simple moving average. There is a major bearish trend
line forming with resistance near $16,500 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could continue
to move down if it stays below the $16,500 and $17,000 levels.
Bitcoin Price Tumbles Bitcoin price remained in a bearish zone
after it settled below the $20,000 support zone. Binance opted out
to bail FTX, resulting in an increase in selling pressure. BTC
declined below the $18,500 and $17,000 levels. The crypto market is
bleeding and many altcoins such as ethereum, bnb, ripple are down
over 15%. Bitcoin price also gained bearish momentum and traded
below the $16,000 support level. The price traded as low as $15,555
and is currently consolidating losses. It is trading below $17,500
and the 100 hourly simple moving average. There is also a major
bearish trend line forming with resistance near $16,500 on the
hourly chart of the BTC/USD pair. On the upside, an immediate
resistance is near the $16,400 level. The first major resistance is
near the $16,650 level. It is near the 23.6% Fib retracement level
of the recent decline from the $20,671 swing high to $15,555 low.
Source: BTCUSD on TradingView.com A clear move above the trend line
resistance and $16,675 might start a decent recovery wave. The next
major resistance is near $18,000 or the 50% Fib retracement level
of the recent decline from the $20,671 swing high to $15,555 low,
above which the price could test the $20,000 zone. More Losses in
BTC? If bitcoin fails to start a recovery wave above the $16,500
resistance zone, it could continue to move down. An immediate
support on the downside is near the $15,800 level. The next major
support is near the $15,500 zone. A clear move below the $15,500
support might push the price further lower. In this case, the price
may perhaps decline below the $15,000 support zone. Technical
indicators: Hourly MACD – The MACD is now gaining pace in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now below the 30 level. Major Support Levels – $15,800,
followed by $15,500. Major Resistance Levels – $16,500, $16,675 and
$18,000.
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