Bitcoin Gains Support at $15,750 – Can Double Bottom Trigger a Rebound?
Bitcoin's price fell further and retested the $15,800 support level. BTC may continue to fall toward the $15,000 and $14,000 levels.
Skerdian Meta•Tuesday, November 22, 2022•1 min read
Bitcoin’s price fell further and retested the $15,800 support level. BTC may continue to fall toward the $15,000 and $14,000 levels. The BITCOIN price began a new drop from the $17,000 resistance level.
After falling below the $16,500 support level, BTC developed bearish momentum.
The price fell below $16,000 and the 100 hourly simple moving average. The bears were able to knock the price down to the critical $15,500 support level. The price has created a low near $15,470 and is now reversing losses.
Above the $15,800 resistance level, there was a modest uptick. Bitcoin’s price broke through the 23.6% Fibonacci retracement line of the latest collapse from the swing high of $16,795 to the low of $15,470.
BTC/USD
Bitcoin (BTC/USD) Technical Outlook
On the upside, an immediate resistance level is near $15,880. The first significant resistance is located near $16,150. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $16,150.
The 50% Fib retracement level of the latest collapse from the swing high of $16,795 to the low of $15,470. The next major resistance is at $16,400.
To begin a decent gain, the price must first clear the trend line resistance and then $16,400. The next big resistance is near $16,500, and the price may accelerate toward the $17,000 zone.
If Bitcoin doesn’t go back above the $16,150 level, it may keep going down. On the downside, there is immediate support near the $15,650 level. The next big support zone is near $15,500, below which the price may test the crucial support at $15,000. A decisive break below the $15,000 support level might drive the price farther down, possibly below $13,200.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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