BTC consolidates again below the $15.5 price range as it was struggling to settle above the $15,500 and the $15,600 against the US dollar. The price will likely start a sharp downside if it breaks the $15,000 support as we are reading more in the latest Bitcoin news today.
Bitcoin is showing more signs below the $15,500 and the $15,600 levels which are quite bearish as the price currently trading below the $15,400 and the 100 hourly simple moving average. With the key connecting bullish trend line that forms near the support of $15,050 on the hourly chart of the pair. The pair could start another downside correction if it continues to face more resistance at $15,500.
There was an increase in selling pressure on the Bitcoin price from the $15,850 zone so BTC declined by $500 and it spiked below the $15,000 support as well. The new low was formed at $14,815 before the price started a fresh increase. There was also a break above the $15,100 level plus the price traded at the 23.6% fib retracement level from the decline at the $15,850 high to the $14,815 swing low. the price seems to be facing a strong resistance as of late near the $15,450 and the $15,500 levels.
As BTC consolidates again, the 50% fib retracement level from the recent decline at $15,850 high to $14,815 swing low is acting along with the main hurdle for the bulls. It is now trading below $15,400 and the 100 hourly simple moving average. To move into the positive zone, the price has to break the $15,450 level and then gain more traction above $15,500. The next resistance is near the $15,600 level above which there are some strong chances of a sustained upwards movement near the $15,850 and the $16,000 levels. If Bitcoin fails to clear these resistance levels, there could be more risks of downsides with the initial support set at the $15,200 level.
There’s also a key connecting bullish trend line that is forming with support at $15,050 on the hourly charts of the pair. If there’s a clear break below the trend line support, the price could decline further below the $15,000 level. The next major support is close to the $14,850 below which the price could revisit the $14,500 in the upcoming sessions. The MACD is struggling to gain pace in the bullish zone while the RSI for the pair is going towards the 40 level.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]