Bitcoin Price Downtrend Far From Over, Why BTC Could Test $15K

Nov 14, 2022 04:00 pm Cryptocurrency 136

Bitcoin price failed to clear $18,000 and started a fresh decline. BTC is showing bearish signs and it might soon decline towards the $15,000 level.

Bitcoin started a fresh decline from the $18,000 and $18,150 resistance levels.

The price is trading below $18,000 and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could resume its decline below the $15,500 support zone in the near term.

Bitcoin Price Resumes Drop

Bitcoin price attempted a recovery wave above the $17,500 resistance zone. However, BTC failed to gain strength above the $18,000 resistance and stayed below the 100 hourly simple moving average.

A high was formed near $18,155 and there was a fresh decline, similar to ethereum, bnb, and ripple. The price declined below the $17,500 and $17,200 support levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $15,555 swing low to $18,155 high.

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