TA: Bitcoin Corrects 5%, Why Upsides Could Remain Capped Near $18.6K

2020-12-9 06:48

Bitcoin price declined more than 5% and broke many supports near $18,500 against the US Dollar. BTC could correct higher, but upsides might face hurdles near $18,600.

Bitcoin started a fresh decline after it failed to stay above the $19,000 support. The price traded close to the $18,000 support and settled below the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $18,320 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but the previous support at $18,500 and $18,600 might stop upsides. Bitcoin Price is Correcting Gains

After many failed attempts to surpass $19,500 and $19,600, bitcoin price reacted to the downside. BTC broke the $19,000 support and settled below the 100 hourly simple moving average to move into a short-term bearish zone.

The price gained pace after it broke the key $18,600 and $18,500 support levels. The bears gained strength and they managed to push the price towards the $18,000 zone. A low is formed near $18,033 and the price is currently consolidating losses.

An initial resistance is near the $18,300 zone or the 23.6% Fib retracement level of the recent decline from the $18,986 high to $18,033 low. There is also a short-term contracting triangle forming with resistance near $18,320 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

If there is an upside break above the triangle resistance, bitcoin price might recover above $18,350. The next major resistance is near the $18,500 level. It is close to the 50% Fib retracement level of the recent decline from the $18,986 high to $18,033 low.

The main resistance is near the $18,600 level (the recent breakdown zone). A close above the $18,600 level is must for a recovery wave towards the $19,000 level.

More Losses in BTC?

If bitcoin fails to clear the $18,500 resistance zone, it could continue to move down. An initial support is near the triangle lower trend line at $18,100.

The first major support is near $18,000, below which the price might decline sharply. The next major support is near the $17,650 level. Any more losses might lead the price towards the $17,200 level.

Technical indicators:

Hourly MACD – The MACD is showing many negative signs in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering from the 22 level.

Major Support Levels – $18,100, followed by $18,000.

Major Resistance Levels – $18,320, $18,500 and $18,600.

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