Bitcoin price started an upside correction from $15,500. BTC is now facing a strong resistance near the $16,300 zone and the 100 hourly SMA.
- Bitcoin found support near $15,500 and started an upside correction.
- The price is trading below $16,300 and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $16,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $16,300 level and the 100 hourly SMA.
Bitcoin Price Eyes Recovery
Bitcoin price extended its decline below the $16,000 support level. BTC even spiked below the $15,800 support level, but the bulls were active near the $15,500 level.
A low was formed near $15,470 and the price started an upside correction. There was a move above the $15,800 and $16,000 resistance levels. The bulls were able to push the price above the 50% Fib retracement level of the key decline from the $16,795 swing high to $15,470 low.
Bitcoin price is now trading below $16,300 and the 100 hourly simple moving average. There is also a crucial bearish trend line forming with resistance near $16,200 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $16,200 level. The first major resistance is near the $16,300 zone and the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the key decline from the $16,795 swing high to $15,470 low.
Source: BTCUSD on TradingView.com
The price must clear the trend line resistance and then $16,300 to start a decent recovery wave. The next major resistance is near $16,500, above which the price could gain pace for a move towards the $17,000 zone.
Fresh Decline in BTC?
If bitcoin fails to recover above the $16,300 resistance zone, it could start another decline. An immediate support on the downside is near the $15,900 level.
The next major support is near the $15,550 zone, below which the price might even struggle to stay above $15,500. A clear move below the $15,500 support might send the price towards the $14,000 support zone.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $15,900, followed by $15,500.
Major Resistance Levels – $16,200, $16,300 and $17,000.
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Author: Aayush Jindal