Breaking above $16K is extremely important for Bitcoin since it regained momentum and broke the $15,800 against the US dollar. BTC is trading nicely above the $15,000 support and the bulls aim to break higher so let’s find out in the Bitcoin news today.
Bitcoin gained over 2% and it spiked above the $15,850 resistance zone. The price is now trading well above the $15,500 support and the 100 hourly simple moving average. There’s also a crucial bullish trend line forming with support of $15,540 on the hourly charts of the pair. The pair could rally higher above $15,850 and $16,000 as long as it is above the 100 hourly SMA. We discussed as well about the importance of the 100 hourly simple moving average and the $15,200 for the BTC price. Bitcoin remained well bid above the 100 hourly SMA and climbed above the $15,500 and $15,600 resistance level. The upward movement gained pace towards $15,700 so the price was able to shoot higher and hit the $15,850 resistance.
Then, it traded to $16,000 resistance and formed a new weekly high of $15,995 which means the benchmark cryptocurrency is correcting lower and trading below $15,850. There was a break below the 23.6% fib retracement level from the recent increase from the $15,098 swing low to $15,995 while the key support is close to the $15,600 level. The next major support is near the $15,550 level with a crucial bullish trend line forming with support near $15,540 on the charts of BTC/USD pair.
The trend line neared the 50% fib retracement level from the increase at $15,098 swing low to $15,995 high. On the upside, the resistance is set at $15,800 above which the price could try and break above the $16,000 resistance. If there’s a clear break above $16,000, the price could rally towards $16,200. Breaking above $16K is significant because if it fails, it could start a short-term downside correction with the first key support nearing the trend line of $15,550. The next major support is close to the 100 hourly SMA and the $15,400 with a clear break below the trend line support and the 100 hourly SMA. The hourly MACD for the pair is going into the bearish zone while the hourly RSI for the pair is above the 50 levels.
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