TA: Bitcoin Stuck In Range, Why BTC Remains At Risk of A Sharp Correction
Bitcoin price failed again to clear the $18,800 resistance against the US Dollar. BTC is trading in a range and it could correct lower sharply if there is a break below $18,200.
Bitcoin is still trading well below the key resistance area near the $18,700 and $18,800 levels.The price is now below $18,500 and the 100 hourly simple moving average.There is a key contracting triangle forming with resistance near $18,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could decline sharply if there is a clear break below $18,200 and $18,050.
Bitcoin Price is Showing a Few Bearish Signs
There was another attempt by bitcoin price to clear the $18,700 and $18,800 resistance levels. However, BTC bulls failed to gain strength, resulting in a fresh decline below the $18,600 level.
The price even broke the $18,500 level and settled below the 100 hourly simple moving average. Conversely, there were strong bullish moves in Ethereum and ripple, breaking the $600 and $0.60 resistance respectively.
See more for yourself here (https://www.newsbtc.com/analysis/btc/bitcoin-stuck-in-range-18-5k/)