A Bitcoin corrective decrease has been initiated as the price traded to a new multi-month high near $15,970 before correcting lower against the US dollar. BTC is holding the $14,500 support and could even start another rally towards $16,000 but first let’s look into the price analysis in our bitcoin news.
Bitcoin started a sharp downside correction after trading to $16,000 resistance. The price corrected lower below $15,000 but it is still above the 100 simple moving average. There’s a major contracting triangle forming with resistance at $15,250 on the 4-hour charts of the pair. The BTC/USD pair could resume its rally once it clears the $15,250 and the $15,300 resistance levels. Over the past week, Bitcoin started a strong surge above the $14,500 and the $15,000 resistance levels against the US dollar. The BTC/USD pair even rallied above $15,500 and settled well above the 100 simple moving average.
BTC traded closer to the $16,000 level and formed a new multi-month high of $15,971 before going into a new downside correction. The Bitcoin corrective decrease led the asset into the $15,500 support level but it could surely lead it towards $16,000 again. Bitcoin’s price dropped below the 50% fib retracement level from the upward movement from $13,558 swing low to $15,971 high. However, the bulls were able to defend the $14,500 support zone and the price remained above the 100 simple moving average. BTC stayed above the 61.8% fib retracement level from the upward movement at $1,558 swing low to $15,971 high.
It now seems that there’s a major contracting triangle forming with resistance close to $15,250 on the 4-hour charts of the pair. To start a fresh rally, the price has to break the resistance zone at $15,300 while the next major resistance is close to $15,500 above which the bulls will aim a test at $16,000. If Bitcoin fails to clear the triangle resistance, it could correct lower below $14,800. The first major support is close to the triangle lower trend line and $14,500. Another clear break below the triangle support could lead the price towards the $14,000 support zone. The next major support is close to the 413,750 level and the 100 simple moving average.
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The 4-hour MACD for the pair BTC/USD is slowly losing pace in the bearish zone. The 4-hour RSI for the BTC/USD is back above 50 levels.
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