{"id":450661,"date":"2020-11-24T03:48:15","date_gmt":"2020-11-24T03:48:15","guid":{"rendered":"https:\/\/wncen.com\/?p=450661"},"modified":"2024-06-11T14:08:42","modified_gmt":"2024-06-11T14:08:42","slug":"bitcoin-stuck-in-range-18-5k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-stuck-in-range-18-5k\/","title":{"rendered":"TA: Bitcoin Stuck In Range, Why BTC Remains At Risk of A Sharp Correction"},"content":{"rendered":"
Bitcoin price failed again to clear the $18,800 resistance against the US Dollar. BTC is trading in a range and it could correct lower sharply if there is a break below $18,200.<\/em><\/p>\n There was another attempt by bitcoin price to clear the $18,700 and $18,800 resistance levels. However, BTC bulls failed to gain strength, resulting in a fresh decline below the $18,600 level.<\/p>\n The price even broke the $18,500 level and settled below the 100 hourly simple moving average. Conversely, there were strong bullish moves in Ethereum<\/a> and ripple<\/a>, breaking the $600 and $0.60 resistance respectively.<\/p>\n Bitcoin price traded as low as $18,160 and it is currently consolidating in a range. There was a break above the $18,250 level. It even traded above the 23.6% Fib retracement level of the recent drop from the $18,782 high to $18,160 low.<\/p>\n <\/a><\/p>\n The price is now facing a strong resistance near the $18,450 level and the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $18,480 on the hourly chart of the BTC\/USD pair.<\/p>\n The triangle resistance is close to the 50% Fib retracement level of the recent drop from the $18,782 high to $18,160 low. If there is an upside break above $18,500, the price could make another attempt to clear the $18,700 and $18,800 resistance levels.<\/p>\n If bitcoin fails to clear the $18,500 resistance, there is a risk of a downside break. An initial support is near the triangle lower trend line at $18,280.<\/p>\n A clear break below the triangle support might lead the price towards the $18,160 swing low. In the stated case, there is even a risk of more losses below the $18,000 support level in the coming sessions.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly losing momentum in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just below the 50 level.<\/p>\n Major Support Levels \u2013 $18,280, followed by $18,160.<\/p>\n Major Resistance Levels \u2013 $18,500, $18,700 and $18,800.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price failed again to clear the $18,800 resistance against the US Dollar. BTC is trading in a range and it could correct lower sharply if there is a break below $18,200. Bitcoin is still trading well below the key resistance area near the $18,700 and $18,800 levels. The price is now below $18,500 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $18,480 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could decline sharply if there is a clear break below $18,200 and $18,050. Bitcoin Price is Showing a Few Bearish Signs There was another attempt by bitcoin price to clear the $18,700 and $18,800 resistance levels. However, BTC bulls failed to gain strength, resulting in a fresh decline below the $18,600 level. The price even broke the $18,500 level and settled below the 100 hourly simple moving average. Conversely, there were strong bullish moves in Ethereum and ripple, breaking the $600 and $0.60 resistance respectively. Bitcoin price traded as low as $18,160 and it is currently consolidating in a range. There was a break above the $18,250 level. It even traded above the 23.6% Fib retracement level of the recent drop from the $18,782 high to $18,160 low. Source: BTCUSD on TradingView.com The price is now facing a strong resistance near the $18,450 level and the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $18,480 on the hourly chart of the BTC\/USD pair. The triangle resistance is close to the 50% Fib retracement level of the recent drop from the $18,782 high to $18,160 low. If there is an upside break above $18,500, the price could make another attempt to clear the $18,700 and $18,800 resistance levels. Downside Break in BTC? If bitcoin fails to clear the $18,500 resistance, there is a risk of a downside break. An initial support is near the triangle lower trend line at $18,280. A clear break below the triangle support might lead the price towards the $18,160 swing low. In the stated case, there is even a risk of more losses below the $18,000 support level in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently just below the 50 level. Major Support Levels \u2013 $18,280, followed by $18,160. Major Resistance Levels \u2013 $18,500, $18,700 and $18,800.<\/p>\n","protected":false},"author":67,"featured_media":450663,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-450661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price is Showing a Few Bearish Signs<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Downside Break in BTC?<\/h2>\n