Bitcoin worth 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 worth is buying and selling under $16,300 and the 100 hourly easy transferring common.
- There is an important bearish development line forming with resistance close to $16,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might proceed to rise if it clears the $16,300 stage and the 100 hourly SMA.
Bitcoin Price Eyes Recovery
Bitcoin price extended its decline under the $16,000 help stage. BTC even spiked under the $15,800 help stage, however the bulls have been energetic close to the $15,500 stage.
A low was fashioned close to $15,470 and the value began an upside correction. There was a transfer above the $15,800 and $16,000 resistance ranges. The bulls have been capable of push the value above the 50% Fib retracement stage of the important thing decline from the $16,795 swing excessive to $15,470 low.
Bitcoin worth is now buying and selling under $16,300 and the 100 hourly simple moving average. There can be a vital bearish development line forming with resistance close to $16,200 on the hourly chart of the BTC/USD pair.
On the upside, an instantaneous resistance is close to the $16,200 stage. The first main resistance is close to the $16,300 zone and the 100 hourly easy transferring common. It is near the 61.8% Fib retracement stage of the important thing decline from the $16,795 swing excessive to $15,470 low.
Source: BTCUSD on TradingView.com
The worth should clear the development line resistance after which $16,300 to begin an honest restoration wave. The subsequent main resistance is close to $16,500, above which the value might acquire 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 might begin one other decline. An speedy help on the draw back is close to the $15,900 stage.
The subsequent main help is close to the $15,550 zone, under which the value would possibly even wrestle to remain above $15,500. A transparent transfer under the $15,500 help would possibly ship the value 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 stage.
Major Support Levels – $15,900, adopted by $15,500.
Major Resistance Levels – $16,200, $16,300 and $17,000.
