Cryptocurrency market encountered a big crash, Bitcoin price now trading below $ 18,000

By Selena On Nov 26, 2020

Bitcoin price has formed a double-peak pattern near $ 19,500 and corrected lower. At press time, Bitcoin is currently trading below $ 18,500, trading around $ 17,966, down 5% over the past 24 hours. In the near term, Bitcoin could test support at $ 18,000 or $ 17,600.

Source: Coin360

Bitcoin price was once again unable to break past the $ 19,500 resistance and initiate a sharp downside correction

There was another attempt in Bitcoin to clear the $ 19,450 and $ 19,500 resistance levels, but it failed. A double-peaked pattern formed near $ 19,500, and Bitcoin plummeted below the $ 19,000 support.

The price has dropped below many major supports, near $ 19,000 and the 100 hourly simple moving average. There was also a break below the major uptrend line with support near $ 19,000 on the BTC/USD pair’s hourly chart.

Bitcoin broke its last volatility level at $ 18,656 and extended its drop below $ 18,500. The bears pushed the price below the 1,236 Fib extension of the move up from a low of $ 18.656 to a high of $ 19.511.

It is currently approaching the support of $ 18,100. It’s close to the 1.618 Fib extension of the move up from a low of $ 18,656 to a high of $ 19.511. If there are more downsides, the price might even break the $ 18,000 support level.

In a stated scenario, prices are likely to continue lower on the $ 17,620 and $ 17,500 support levels in the coming sessions.

If Bitcoin sustains above the $ 18,100 and $ 18,000 support, a new rally is possible. Initial resistance is close to $ 18,500.

The first major resistance is forming near $ 18,700 and the 100 hourly simple moving average. The major resistance is located at $ 19,000, above which the price can rally to the $ 19,500 resistance zone in the near term.

You can see the BTC price here.

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