The price of Bitcoin collapsed recently below the key $6,360 and $6,000 supports. BTC/USD could extend the current decline towards the $5,500 level.
- Bitcoin price declined heavily and traded below the $6,000 support.
- BTC/USD is currently following a declining channel with resistance at $5,850 on the 30-minute chart.
- The price is likely to extend the current decline towards the $5,600 and $5,500 support levels.
Bitcoin Price Analysis
The past few hours saw heavy declines in bitcoin price after sellers managed to clear the $6,360 and $6,000 support levels. The price tumbled to a new 2018 low and traded close to the $5,650 level.
Click to Enlarge Chart
Looking at the 30-minute chart of BTC/USD, the pair started a nasty decline from well above the $6,500 level. Sellers gained momentum once there was a close below the $6,360 support. As a result, the price declined more than 10% and settled below $5,800 plus the 25 simple moving average (30-minute).
An intermediate low was formed at $5,679 before the price corrected higher. However, the upside move was capped by the $5,950 level and the 25 SMA.
Finally, there was another downside push and the price declined below the $5,700 and $5,679 levels. An immediate support is near the $5,657 level and the 1.236 Fib extension level of the last wave from the $5,679 low to $5,941 high.
At the outset, the price is following a declining channel with resistance at $5,850 on the same chart. Therefore, a decent rebound is only possible once the price breaks the channel resistance, $6,000, and the 25 SMA.
On the flip side, if the price slides below the $5,615 level, the next target for sellers could be $5,500. It coincides with the 1.618 Fib extension level of the last wave from the $5,679 low to $5,941 high.
Overall, bitcoin price broke many important supports near $6,000 to move further into a bearish zone. Going forward, more losses are very likely as long as the price is below the $6,000 resistance and the 25 SMA.
The market data is provided by TradingView, Bitfinex.
The post Bitcoin (BTC) Price Analysis: Price Crashes, Bears Next Target $5,500 appeared first on Blockonomi.
November 15, 2018 at 03:14AM https://blockonomi.com from Blockonomi https://ift.tt/2Tf7bp1
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