BTC / USD
23,309.82
0.49%
(-115.09)
ETH / USD
1,653.43
0.74%
(+12.12)
XRP / USD
0.41
0.63%
(-0)
LTC / USD
98.64
0.28%
(+0.28)
EOS / USD
1.10
1.2%
(+0.01)
BCH / USD
136.75
0.61%
(-0.84)
ADA / USD
0.40
0.15%
(0)
XLM / USD
0.09
0.44%
(0)
NEO / USD
8.86
0.45%
(+0.04)
XEM / USD
0.04
1.49%
(0)
DASH / USD
61.74
0.16%
(+0.1)
USDT / USD
1.00
0%
(0)
BNB / USD
328.72
1.69%
(+5.47)
QTUM / USD
2.79
1.82%
(+0.05)
XVG / USD
0.00
0.35%
(-0)
ONT / USD
0.22
2.93%
(+0.01)
ZEC / USD
46.38
1.09%
(+0.5)
STEEM / USD
0.21
6.44%
(+0.01)

Bitcoin Price Looks Ready For Another Leg Higher Over $16.5K

0

Bitcoin price extended its decline and tested the $16,000 support. BTC is forming a base and might soon rise above the $16,500 resistance zone.

  • Bitcoin declined further and tested the $16,000 support zone.
  • The price is trading below $16,500 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $16,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a decent increase if it clears the $16,500 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price started a downside correction from the $16,800 resistance zone. BTC declined below the $16,500 support level and the 100 hourly simple moving average.

The price even moved below the $16,200 level, but the bulls were active near the $16,000 support zone. A low was formed near $16,000 and the price is now consolidating losses. There was a minor increase above the $16,200 level.

Bitcoin price is now trading below $16,500 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $16,500 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $16,300 level. It is near the 50% Fib retracement level of the downward move from the $16,588 swing high to $16,000 low. The first major resistance is near the $16,500 zone, the trend line, and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com

The trend line is near the 76.4% Fib retracement level of the downward move from the $16,588 swing high to $16,000 low. A successful move above the $16,500 resistance might start a decent increase. The next major resistance is near $16,800, above which the price could gain pace for a move towards the $17,500 zone.

More Losses in BTC?

If bitcoin fails to climb above the $16,500 resistance, it could struggle to stay in a positive zone. An immediate support on the downside is near the $16,130 level.

The next major support is near the $16,000 zone, below which the price decline further. In the stated case, the price might drop towards the $15,500 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $16,130, followed by $16,000.

Major Resistance Levels – $16,500, $16,800 and $17,000.

Leave A Reply

Your email address will not be published.