Bitcoin value prolonged its decline and examined the $16,000 help. BTC is forming a base and may quickly rise above the $16,500 resistance zone.
- Bitcoin declined additional and examined the $16,000 help zone.
- The value is buying and selling beneath $16,500 and the 100 hourly easy shifting common.
- There is a key bearish development line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin a good improve if it clears the $16,500 resistance zone.
Bitcoin Price Remains Supported
Bitcoin value began a downside correction from the $16,800 resistance zone. BTC declined beneath the $16,500 help degree and the 100 hourly easy shifting common.
The value even moved beneath the $16,200 degree, however the bulls had been lively close to the $16,000 help zone. A low was fashioned close to $16,000 and the worth is now consolidating losses. There was a minor improve above the $16,200 degree.
Bitcoin value is now buying and selling beneath $16,500 and the 100 hourly simple moving average. There can also be a key bearish development line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair.
On the upside, an instantaneous resistance is close to the $16,300 degree. It is close to the 50% Fib retracement degree of the downward transfer from the $16,588 swing excessive to $16,000 low. The first main resistance is close to the $16,500 zone, the development line, and the 100 hourly easy shifting common.
Source: BTCUSD on TradingView.com
The development line is close to the 76.4% Fib retracement degree of the downward transfer from the $16,588 swing excessive to $16,000 low. A profitable transfer above the $16,500 resistance may begin a good improve. The subsequent main resistance is close to $16,800, above which the worth might achieve tempo for a transfer in direction of the $17,500 zone.
More Losses in BTC?
If bitcoin fails to climb above the $16,500 resistance, it might battle to remain in a constructive zone. An fast help on the draw back is close to the $16,130 degree.
The subsequent main help is close to the $16,000 zone, beneath which the worth decline additional. In the said case, the worth may drop in direction of the $15,500 help zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $16,130, adopted by $16,000.
Major Resistance Levels – $16,500, $16,800 and $17,000.
