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

Bitcoin worth prolonged its decline and examined the $16,000 help. BTC is forming a base and would possibly 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 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 (information feed from Kraken).
• The pair may begin a good enhance if it clears the $16,500 resistance zone.

Bitcoin Worth Stays Supported

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

The worth even moved beneath the $16,200 stage, however the bulls have been lively close to the $16,000 help zone. A low was fashioned 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 simple moving average. 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 a good enhance. The subsequent main resistance is close to $16,800, above which the worth may acquire tempo for a transfer in direction of the $17,500 zone.

Extra Losses in BTC?

If bitcoin fails to climb above the $16,500 resistance, it may battle to remain in a optimistic zone. A direct 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 worth decline additional. Within the said case, the worth would possibly drop in direction of the $15,500 help zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Power 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.