Bitcoin value began an upside correction from $15,500. BTC is now going through a robust resistance close to the $16,300 zone and the 100 hourly SMA.
- Bitcoin discovered help close to $15,500 and began an upside correction.
- The value is buying and selling under $16,300 and the 100 hourly easy shifting common.
- There is a vital bearish pattern line forming with resistance close to $16,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may proceed to rise if it clears the $16,300 degree and the 100 hourly SMA.
Bitcoin Price Eyes Recovery
Bitcoin value prolonged its decline under the $16,000 help degree. BTC even spiked under the $15,800 help degree, however the bulls have been lively close to the $15,500 degree.
A low was fashioned close to $15,470 and the worth began an upside correction. There was a transfer above the $15,800 and $16,000 resistance ranges. The bulls have been in a position to push the worth above the 50% Fib retracement degree of the important thing decline from the $16,795 swing excessive to $15,470 low.
Bitcoin value is now buying and selling under $16,300 and the 100 hourly easy shifting common. There is additionally a vital bearish pattern line forming with resistance close to $16,200 on the hourly chart of the BTC/USD pair.
On the upside, a right away resistance is close to the $16,200 degree. The first main resistance is close to the $16,300 zone and the 100 hourly easy shifting common. It is shut to the 61.8% Fib retracement degree of the important thing decline from the $16,795 swing excessive to $15,470 low.
Source: BTCUSD on TradingView.com
The value should clear the pattern line resistance after which $16,300 to begin a good restoration wave. The subsequent main resistance is close to $16,500, above which the worth may achieve tempo for a transfer in the direction of the $17,000 zone.
Fresh Decline in BTC?
If bitcoin fails to get well above the $16,300 resistance zone, it may begin one other decline. An fast help on the draw back is close to the $15,900 degree.
The subsequent main help is close to the $15,550 zone, under which the worth would possibly even battle to keep above $15,500. A transparent transfer under the $15,500 help would possibly ship the worth in the direction of the $14,000 help zone.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $15,900, adopted by $15,500.
Major Resistance Levels – $16,200, $16,300 and $17,000.
