Bitcoin worth prolonged losses and retested the $15,800 assist. BTC might proceed to maneuver down in direction of the $15,000 and $14,000 ranges.
- Bitcoin began a recent decline beneath the $16,000 and $15,800 ranges.
- The worth is buying and selling beneath $16,400 and the 100 hourly easy shifting common.
- There’s a main bearish pattern line forming with resistance close to $16,150 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair stays at a threat of extra losses in direction of the $15,000 stage and even $14,000.
Bitcoin Worth Revisit $15,500
Bitcoin worth began a recent decline from the $17,000 resistance. BTC gained bearish momentum after it settled beneath the $16,500 assist zone.
There was a transfer beneath the $16,000 stage and the 100 hourly easy shifting common. The bears have been in a position to push the value in direction of the important thing $15,500 assist zone. A low is shaped close to $15,470 and the value is now correcting losses.
There was a minor improve above the $15,800 resistance zone. Bitcoin worth cleared the 23.6% Fib retracement stage of the current drop from the $16,795 swing excessive to $15,470 low.
On the upside, an instantaneous resistance is close to the $15,880 stage. The primary main resistance is close to the $16,150 zone. There may be additionally a significant bearish pattern line forming with resistance close to $16,150 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
The 50% Fib retracement stage of the current drop from the $16,795 swing excessive to $15,470 low. The subsequent main resistance is close to the $16,400 stage. The worth should clear the pattern line resistance after which $16,400 to begin an honest improve. The subsequent main resistance is close to $16,500, above which the value might achieve tempo for a transfer in direction of the $17,000 zone.
Extra Losses in BTC?
If bitcoin fails to get better above the $16,150 resistance zone, it might proceed to maneuver down. A direct assist on the draw back is close to the $15,650 stage.
The subsequent main assist is close to the $15,500 zone, beneath which the value would possibly check the important thing assist at $15,000. A transparent transfer beneath the $15,000 assist would possibly ship the value additional decrease, could also be in direction of $13,200.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 stage.
Main Help Ranges – $15,650, adopted by $15,500.
Main Resistance Ranges – $16,150, $16,400 and $16,500.
