Bitcoin worth prolonged its decline and examined the $16,000 assist. BTC is forming a base and would possibly quickly rise above the $16,500 resistance zone.
Bitcoin declined additional and examined the $16,000 assist zone.
The worth is buying and selling beneath $16,500 and the 100 hourly easy transferring common.
There’s a key bearish pattern 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 an honest enhance if it clears the $16,500 resistance zone.
Bitcoin Value Stays Supported
Bitcoin worth began a draw back correction from the $16,800 resistance zone. BTC declined beneath the $16,500 assist stage and the 100 hourly easy transferring common.
The worth even moved beneath the $16,200 stage, however the bulls had been energetic close to the $16,000 assist zone. A low was shaped close to $16,000 and the worth is now consolidating losses. There was a minor enhance above the $16,200 stage.
Bitcoin worth is now buying and selling beneath $16,500 and the 100 hourly easy transferring common. There’s additionally a key bearish pattern line forming with resistance close to $16,500 on the hourly chart of the BTC/USD pair.
On the upside, a right away resistance is close to the $16,300 stage. It’s close to the 50% Fib retracement stage of the downward transfer from the $16,588 swing excessive to $16,000 low. The primary main resistance is close to the $16,500 zone, the pattern line, and the 100 hourly easy transferring common.
Supply: BTCUSD on TradingView.com
The pattern line is close to the 76.4% Fib retracement stage of the downward transfer from the $16,588 swing excessive to $16,000 low. A profitable transfer above the $16,500 resistance would possibly begin an honest enhance. The subsequent main resistance is close to $16,800, above which the worth might acquire tempo for a transfer in the direction of the $17,500 zone.
Extra Losses in BTC?
If bitcoin fails to climb above the $16,500 resistance, it might battle to remain in a optimistic zone. A right away assist on the draw back is close to the $16,130 stage.
The subsequent main assist is close to the $16,000 zone, beneath which the worth decline additional. Within the acknowledged case, the worth would possibly drop in the direction of the $15,500 assist zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.
Main Assist Ranges – $16,130, adopted by $16,000.
Main Resistance Ranges – $16,500, $16,800 and $17,000.
