Bitcoin price is showing bearish signs below $18,050 against the US Dollar. BTC is now likely to continue lower and it could even trade below $17,500
- Bitcoin is showing a few bearish signs below the $18,200 and $18,500 resistance levels.
- The price is now trading well below the $18,500 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $18,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to break the $17,644 swing low and continue lower in the near term.
Bitcoin Price is Showing Bearish Signs
After struggling to clear the $18,600, bitcoin price started a steady decline. A high was formed near $18,640 before BTC price traded below the $18,400 level.
The bulls seem to have lost control since the price is now trading well below the $18,500 level and the 100hr SMA. There was a break below the 50% Fib retracement level of the upward move from the $17,644 low to $18,640 swing high