Bitcoin value prolonged losses and retested the $15,800 help. BTC may proceed to maneuver down in direction of the $15,000 and $14,000 ranges.
- Bitcoin began a recent decline beneath the $16,000 and $15,800 ranges.
- The value is buying and selling beneath $16,400 and the 100 hourly easy transferring common.
- There is a serious bearish development line forming with resistance close to $16,150 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair stays at a threat of extra losses in direction of the $15,000 degree and even $14,000.
Bitcoin Price Revisit $15,500
Bitcoin value began a recent decline from the $17,000 resistance. BTC gained bearish momentum after it settled beneath the $16,500 help zone.
There was a transfer beneath the $16,000 degree and the 100 hourly simple moving average. The bears have been in a position to push the value in direction of the important thing $15,500 help zone. A low is fashioned close to $15,470 and the value is now correcting losses.
There was a minor improve above the $15,800 resistance zone. Bitcoin value cleared the 23.6% Fib retracement degree of the latest drop from the $16,795 swing excessive to $15,470 low.
On the upside, a direct resistance is close to the $15,880 degree. The first main resistance is close to the $16,150 zone. There can also be a serious bearish development line forming with resistance close to $16,150 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The 50% Fib retracement degree of the latest drop from the $16,795 swing excessive to $15,470 low. The subsequent main resistance is close to the $16,400 degree. The value should clear the development line resistance after which $16,400 to start out an honest improve. The subsequent main resistance is close to $16,500, above which the value may acquire tempo for a transfer in direction of the $17,000 zone.
More Losses in BTC?
If bitcoin fails to get well above the $16,150 resistance zone, it may proceed to maneuver down. An instant help on the draw back is close to the $15,650 degree.
The subsequent main help is close to the $15,500 zone, beneath which the value may check the important thing help at $15,000. A transparent transfer beneath the $15,000 help may ship the value additional decrease, could also be in direction of $13,200.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 degree.
Major Support Levels – $15,650, adopted by $15,500.
Major Resistance Levels – $16,150, $16,400 and $16,500.
