The price of Bitcoin (BTC) has fallen below the moving average lines, entering the bearish trend zone. Below the critical support at $17,605, the downward momentum intensified. On November 8, the BTC price crashed from a high of $21,473 to a low of $16,330.
Following this decline, the bitcoin price is currently trading at $16,330. As it enters oversold territory, selling pressure is still present. The largest cryptocurrency could complete another downward move and reach a low of $15,500. Bulls will buy dips on the upside if the BTC price declines and holds above the $15,500 support.
Bitcoin has slipped to level 31 according to the Relative Strength Index for period 14. Due to the current downturn, Bitcoin is now trading in an oversold area of the market. The price has a tendency to reach bearish exhaustion. The moving average lines are below the price bars, which indicates that the cryptocurrency is losing value. The daily stochastic, which is below the level of 20, indicates that Bitcoin has fallen into the oversold zone. Selling pressure will soon subside as Bitcoin approaches the oversold zone.
Major Resistance Levels - $30,000 and $35,000
Major Support Levels - $20,000 and $15,000
Bitcoin has drastically lost ground below the moving average lines. The bearish momentum is still there. On September 21, BTC price tested the 61.8% Fibonacci retracement level with a candlestick body following a bearish reversal. The price of BTC will fall to the 1.618 Fibonacci extension level, or $15,503, as part of the adjustment.
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.