Bitcoin price started an upward correction from $15,500. BTC is now facing strong resistance near the $16,300 zone and the 100 hourly SMA.
- Bitcoin found support near $15,500 and started an upward correction.
- The price is trading below $16,300 and the 100 hourly simple moving average.
- A major bearish trendline is 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 recovery
Bitcoin price extended its decline below the $16,000 support level. BTC even jumped below the $15,800 support level, but bulls were active near the $15,500 level.
A low was formed near $15,470 and the price started an upward 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 the $15,470 low.
Bitcoin price is now trading below $16,300 and 100 hour simple moving average. A crucial bearish trendline is also forming on the hourly chart of the BTC/USD pair with resistance near $16,200.
On the upside, 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 near the 61.8% Fib retracement level of the key decline from the $16,795 swing high to the $15,470 low.
Source: BTCUSD on TradingView.com
The price needs to clear the trendline resistance and then $16,300 to start a decent wave of recovery. Another major resistance is near $16,500, above which the price could pick up momentum for a move towards the $17,000 zone.
Another BTC decline?
If Bitcoin fails to recover above the $16,300 resistance zone, this could trigger another decline. Immediate downside support is near the $15,900 level.
Another major support is located near the $15,550 zone, below which the price may even try to hold above $15,500. A clear move below the $15,500 support could send the price to the $14,000 support zone.
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – 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.