{"id":11558,"date":"2022-11-09T03:57:54","date_gmt":"2022-11-09T07:57:54","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11558"},"modified":"2022-11-09T03:57:54","modified_gmt":"2022-11-09T07:57:54","slug":"bitcoin-price-takes-major-hit-why-the-bears-are-not-done-yet","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/09\/bitcoin-price-takes-major-hit-why-the-bears-are-not-done-yet\/","title":{"rendered":"Bitcoin Price Takes Major Hit, Why The Bears Are Not Done Yet"},"content":{"rendered":"

Bitcoin price declined over 10% and even spiked below $18,000. BTC remains at a risk of more losses, as the FTX faces more heat.<\/em><\/p>\n

Bitcoin started failed to recover ground and declined over 10%.
\nThe price is trading below $19,500 and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $18,380 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down towards the $17,500 and $16,800 support levels.<\/p>\n

Bitcoin Price Nosedives<\/h2>\n

Bitcoin price started a major decline<\/a> after it settled below the $20,000 support zone. FTX\u2019s problems escalated the issues and the crypto market faced a strong selling pressure. BTC declined below the $19,500 and $19,000 levels.<\/p>\n

The bears were able to push the price below the key $18,500 support. The price even dives below the $18,000 level and settled well below the 100 hourly simple moving average. A low was formed near $17,276 and the price recently corrected higher.<\/p>\n

There was a move above the $18,000 level. Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $20,670 swing high to $17,276 low.<\/p>\n

The price is now trading below $19,000 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $18,400 level. There is also a connecting bearish trend line forming with resistance near $18,380 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance is near the $19,000 level. It is near the 50% Fib retracement level of the recent decline from the $20,670 swing high to $17,276 low. A clear move above the trend line resistance and $19,000 might start a fresh increase towards $20,000. The next major resistance is near $20,500, above which the price could test the $21,000 zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to start a recovery wave above the $19,000 resistance zone, it could resume its decline. An immediate support on the downside is near the $18,000 level.<\/p>\n

The next major support is near the $17,250 zone. A clear move below the $17,250 support might push the price further lower. In this case, the price may perhaps decline towards the $16,800 level.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $18,000, followed by $17,250.<\/p>\n

Major Resistance Levels \u2013 $18,400, $19,000 and $20,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price declined over 10% and even spiked below $18,000. BTC remains at a risk of more losses, as the FTX faces more heat.<\/em><\/p>\n

Bitcoin started failed to recover ground and declined over 10%.
\nThe price is trading below $19,500 and the 100 hourly simple moving average.
\nThere is a connecting bearish trend line forming with resistance near $18,380 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move down towards the $17,500 and $16,800 support levels.<\/p>\n

Bitcoin Price Nosedives<\/h2>\n

Bitcoin price started a major decline<\/a> after it settled below the $20,000 support zone. FTX\u2019s problems escalated the issues and the crypto market faced a strong selling pressure. BTC declined below the $19,500 and $19,000 levels.<\/p>\n

The bears were able to push the price below the key $18,500 support. The price even dives below the $18,000 level and settled well below the 100 hourly simple moving average. A low was formed near $17,276 and the price recently corrected higher.<\/p>\n

There was a move above the $18,000 level. Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $20,670 swing high to $17,276 low.<\/p>\n

The price is now trading below $19,000 and the 100 hourly simple moving average<\/a>. On the upside, an immediate resistance is near the $18,400 level. There is also a connecting bearish trend line forming with resistance near $18,380 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The first major resistance is near the $19,000 level. It is near the 50% Fib retracement level of the recent decline from the $20,670 swing high to $17,276 low. A clear move above the trend line resistance and $19,000 might start a fresh increase towards $20,000. The next major resistance is near $20,500, above which the price could test the $21,000 zone.<\/p>\n

More Losses in BTC?<\/h2>\n

If bitcoin fails to start a recovery wave above the $19,000 resistance zone, it could resume its decline. An immediate support on the downside is near the $18,000 level.<\/p>\n

The next major support is near the $17,250 zone. A clear move below the $17,250 support might push the price further lower. In this case, the price may perhaps decline towards the $16,800 level.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $18,000, followed by $17,250.<\/p>\n

Major Resistance Levels \u2013 $18,400, $19,000 and $20,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-11558","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=11558"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11558\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11558"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}