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

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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 worth is buying and selling beneath $16,500 and the 100 hourly easy shifting common.
  • There’s 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 may begin a good enhance if it clears the $16,500 resistance zone.

Bitcoin Value Stays Supported

Bitcoin value began a downside correction from the $16,800 resistance zone. BTC declined beneath the $16,500 help stage and the 100 hourly easy shifting common.

The worth even moved beneath the $16,200 stage, however the bulls had been energetic close to the $16,000 help zone. A low was shaped close to $16,000 and the value is now consolidating losses. There was a minor enhance above the $16,200 stage.

Bitcoin value is now buying and selling beneath $16,500 and the 100 hourly simple moving average. There may be additionally 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 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 development line, and the 100 hourly easy shifting common.

Supply: BTCUSD on TradingView.com

The development 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 may begin a good enhance. The subsequent main resistance is close to $16,800, above which the value may achieve 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 may wrestle to remain in a constructive zone. An instantaneous help on the draw back is close to the $16,130 stage.

The subsequent main help is close to the $16,000 zone, beneath which the value decline additional. Within the acknowledged case, the value may drop in the direction of the $15,500 help 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 Help Ranges – $16,130, adopted by $16,000.

Main Resistance Ranges – $16,500, $16,800 and $17,000.

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