Bitcoin price trend overwhelmingly negative, has a target of $13,000

Bitcoin price extended its losses and retested the $15,800 support. BTC may continue to move down towards the $15,000 and $14,000 levels.

• Bitcoin started another decline below the $16,000 and $15,800 levels.
• The price is trading below $16,400 and the 100 hourly simple moving average.
• A major bearish trend line is forming with resistance near $16,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair still has a risk of more losses towards the $15,000 level or even $14,000.

Bitcoin Price Revisits $15,500

Bitcoin price started another decline from the $17,000 resistance. BTC gained bearish momentum after it settled below the $16,500 support zone.

There was a move below the $16,000 level and the 100 hourly simple moving average. The bears were able to push the price towards the key support zone at $15,500. A low is forming near $15,470 and the price is now correcting losses.

There was a minor rise above the $15,800 resistance zone. Bitcoin price cleared the 23.6% Fib retracement level of the recent drop from the $16,795 swing high to the $15,470 low.

On the upside, an immediate resistance is near the $15,880 level. The first major resistance is near the $16,150 zone. There is also a major bearish trend line forming with resistance near $16,150 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the last drop from the $16,795 swing high to the $15,470 low. The next major resistance is near the $16,400 level. Price needs to clear the trendline resistance and then $16,400 to start a decent rally. The next major resistance is near $16,500, above which the price could pick up the pace for a move towards the $17,000 zone.

More losses in BTC?

If bitcoin fails to break above the $16,150 resistance zone, it may continue to move lower. An immediate support on the downside is near the $15,650 level.

The next major support is near the $15,500 zone, below which the price could test the key $15,000 support. A clear move below the $15,000 support could send the price further lower, could be towards $13,200.

Technical indicators:

Hourly MACD – MACD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.

Major support levels – $15,650, followed by $15,500.

Major resistance levels – $16,150, $16,400 and $16,500.