With BTC correcting gains, the $15,300 level could trigger another wave with the 10% rally recently against the US dollar. Bitcoin is now correcting lower but the bulls are likely to protect the $15,300 and the $15,150 level as we can see in our Bitcoin news.
The price traded to a new 2020 high at the $15,974 level and it was well above the 100 hourly simple moving average. There’s a major bullish trend line forming with support of $15,300 on the hourly charts of the pair which could correct lower but the $15,300 and the $15,200 levels will prevent more losses. There was a strong upward movement in Bitcoin price after settling above the $14,000 resistance as BTC surged more than 10% and broke key hurdles near the $15,000 level. There was a close above the $15,500 level and the 100 hourly simple moving average as well.
The price traded to a new 2020 high of $15,974 and is now correcting lower with a break below the $15,800 level plus the price traded with the 23.6% fib retracement level from the rally at $14,657 swing low. On the downside, there are a lot of important supports near the $15,400 level but there’s also a major bullish trend line forming with support of $15,300 on the hourly charts of the pair. The trendline is close to the 50% fib retracement level from the rally at $14,657 swing low to $15,874 high. As long as the price is trading above the trend line support, it could start a fresh upward movement with the initial support near the $15,800 level.
With BTC correcting gains, the first major resistance is set at the $15,920 level above which the price could surge past the $16,000 barrier in the upcoming sessions in the near-term. If bitcoin extends its downside correction, it could find bids close to the $15,400 and the $15350 level. The first major support of the downside is set at $15,300. A downside break below the trend line support could push the price at $15,150 support or to $15,000. The hourly MACD for the pair is losing momentum in the bullish zone while the hourly RSI is correcting lower from the overbought territory. The major support levels are set at $15,400 while the major resistance level is set at $15,800.
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