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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Prediction: This Scenario Will Trigger A Fresh Drop

Aayush Jindal
Aayush Jindal
2 years ago
2 mins read
Bitcoin

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[vc_row][vc_column][vc_column_text]Bitcoin price struggled to clear the $16,800 resistance. BTC is moving lower and there is a risk of more losses below the $16,000 support zone.

  • Bitcoin attempted an upside break above the $16,800 resistance, but failed.
  • The price is trading below $16,500 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $16,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to decline if it breaks the $16,000 support zone.

Bitcoin Price Faces Rejection

Bitcoin price attempted an upside break above the $16,800 resistance zone. BTC struggled to gain pace for a move above the $16,800 resistance and formed a double top pattern.

There was a slow and steady decline from the $16,791 high. There was a move below the $16,500 and $16,400 levels. The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $15,470 swing low to $16,790 high.

Bitcoin price is now trading below $16,500 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $16,550 on the hourly chart of the BTC/USD pair.

The price is now consolidating near the 50% Fib retracement level of the upward move from the $15,470 swing low to $16,790 high. On the upside, an immediate resistance is near the $16,300 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is near the $16,500 zone, the 100 hourly simple moving average, and the highlighted bearish trend line. A successful move above the $16,500 resistance might send the price further higher. The next major resistance is near $16,800, above which the price could gain pace for a move towards the $17,500 zone.

More Losses in BTC?

If bitcoin fails to climb above the $16,500 resistance, it could continue to move down. An immediate support on the downside is near the $16,100 level.

The next major support is near the $16,000 zone, below which the price might gain bearish momentum. In the stated case, the price might drop towards the $15,500 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 50 level.

Major Support Levels – $16,100, followed by $16,000.

Major Resistance Levels – $16,500, $16,800 and $17,000.[/vc_column_text][/vc_column][/vc_row]

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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