Bitcoin Price Rejects $18K, Why There is Risk of Another Drop To $16K

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	28,108,589,942	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

28,108,589,942

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0154	3.08%	0.5154	0.5154	0.5155

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0154

3.08%

0.5154

0.5155

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.5209	0.478	0.5007	0.500	0.399480 - 0.950000

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.5209

0.478

0.5007

0.500

0.399480 - 0.950000

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	21:48:29	98.00	0.5154	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

21:48:29

98.00

0.5154

USD

Price x Volume	Volume	Base Symbol	Related Pairs
48,495,596.74	97,271,991.24	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

48,495,596.74

97,271,991.24

Bitcoin Price Rejects $18K, Why There is Risk of Another Drop To $16K

11/11/2022 3:24am

NEWSBTC

Bitcoin price recovered over $1,500 and climbed above $17,500. BTC failed to clear the $18,000 resistance and started a fresh decline. Bitcoin started a recovery wave above the $17,000 and $17,200 resistance levels. The price is trading below $18,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $16,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could resume its decline if there is a close below the $16,750 support zone. Bitcoin Price Faces Key Hurdle Bitcoin price declined heavily below the $18,000 support zone. FTX’s fall is still hurting the market and there was a strong decline towards the $16,000 support zone. The price traded as low as $15,555 and recently started an upside correction, similar to ethereum, bnb, and ripple. There was a steady recovery wave above the $16,500 and $17,000 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $20,670 swing high to $15,555 low. There is also a key bullish trend line forming with support near $16,900 on the hourly chart of the BTC/USD pair. Bitcoin price also moved above the $17,500 level, but it struggled near the $18,000 resistance zone. The 50% Fib retracement level of the main decline from the $20,670 swing high to $15,555 low also acted as a strong resistance. It is now trading below $18,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $17,400 level. The first major resistance is near the $18,000 level. Source: BTCUSD on TradingView.com A clear move above the $18,000 resistance might push the price further higher. The next major resistance is near $18,500 or the 100 hourly simple moving average, above which the price could test the $20,000 zone. More Losses in BTC? If bitcoin fails to start a recovery wave above the $18,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,900 level and the trend line. The next major support is near the $16,750 zone. A clear move below the $16,750 support might push the price further lower. In this case, the price may perhaps decline towards the $16,000 support zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $16,900, followed by $16,750. Major Resistance Levels – $17,400, $18,000 and $18,500.

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XRPUSD Ripple