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Bitcoin Signaling Start of Corrective Decrease, Why $15K Is The Key

Bitcoin value traded to a brand new multi-month excessive near $16,500 towards the US Dollar. BTC is now signaling a draw back correction and it might check the $15,200 help.

  • Bitcoin traded above the $16,000 resistance and virtually examined the $16,500 zone.
  • The value is now correcting under $16,000, however it’s nicely above the 100 easy shifting common (4-hours).
  • There was a break under a serious bullish development line with help at $16,000 on the 4-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair is displaying indicators of a draw back correction in direction of the $15,200 and $15,000 help ranges.

Bitcoin Price is Forming Short-term Top?

This previous week, bitcoin began a powerful upward transfer above the $15,500 and $15,800 resistance ranges towards the US Dollar. The BTC/USD pair even rallied above $16,000 and settled nicely above the 100 easy shifting common (4-hours).

It traded near the $16,500 degree and shaped a brand new multi-month excessive at $16,493 earlier than beginning a draw back correction. There was a break under the $16,200 help degree.

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Bitcoin value declined under the 50% Fib retracement degree of the upward wave from the $15,442 swing low to $16,493 excessive. Moreover, there was a break under a serious bullish development line with help at $16,000 on the 4-hours chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The bulls are actually defending the $15,800 help degree. The subsequent key help is close to the $15,690 degree or the 76.4% Fib retracement degree of the upward wave from the $15,442 swing low to $16,493 excessive.

If there’s a clear break under the $15,690 degree, the worth might proceed to maneuver down in direction of the $15,250 and $15,200 help ranges. The value should keep above the $15,000 help zone to keep away from a bigger decline in direction of the $14,500 degree.

Fresh Increase in BTC?

If bitcoin stays above the $15,690 and $15,200 help ranges, there are possibilities of a recent enhance. An preliminary resistance on the upside is close to the $16,200 degree.

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The subsequent main resistance is close to the $16,450 and $16,500 ranges. A transparent break above the $16,500 degree might maybe open the doorways for a bigger enhance in direction of the $17,000 degree.

Technical indicators

Four hours MACD – The MACD for BTC/USD is slowly shedding momentum within the bullish zone.

Four hours RSI (Relative Strength Index) – The RSI for BTC/USD is slightly below the 50 degree.

Major Support Level – $15,690

Major Resistance Level – $16,200

EditorialTeam

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