Bitcoin Hovers above the $16,000 Support as Sellers Threaten to Short

The price of Bitcoin (BTC) is in a downtrend as sellers attempt to break through $16,000 support and resume selling pressure. The largest cryptocurrency will regain the low of $15,588 once the current support is breached.

If the slide continues, Bitcoin could reach the next support level at $14,100. In other words, the price will bounce where the existing support holds. If the price rises, Bitcoin will reach a high of $17,200. On the plus side, Bitcoin will reach the high of $20,000 if the BTC price overcomes the obstacle of $17,200. The largest cryptocurrency will fall to $14,106 if Bitcoin falls and breaks the existing support. As a result, panic buying and selling among buyers and sellers will occur.

Bitcoin indicator reading

Bitcoin is still in a downtrend at level 31 of the Relative Strength Index for the period 14. The cryptocurrency is in danger of falling even further. Bitcoin will continue to fall as long as the price bars are below the moving average lines. It is in the oversold zone and below level 20 of the daily stochastic, which could attract buyers.

Technical indicators:  

Major Resistance Levels - $30,000 and $35,000

Major Support Levels - $20,000 and $15,000

What is the next direction for BTC? 

Bitcoin will continue its downward movement if sellers manage to fall below the low of $16,000. Since November 10, the BTC price has been trading in a narrow range between the $16,000 and $18,150 levels. Last week, buyers defended the current support at $16,000 and the previous low at $15,588. The downtrend will continue if these support levels are broken.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.