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Bitcoin worth began an upside correction from $15,500. BTC is now going through a robust resistance close to the $16,300 zone and the 100 hourly SMA.

• Bitcoin discovered help close to $15,500 and began an upside correction.
• The worth is buying and selling under $16,300 and the 100 hourly easy shifting common.
• There is an important bearish pattern line forming with resistance close to $16,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might proceed to rise if it clears the $16,300 stage and the 100 hourly SMA.

Bitcoin Price Eyes Recovery

Bitcoin price extended its decline under the $16,000 help stage. BTC even spiked under the $15,800 help stage, however the bulls had been energetic close to the $15,500 stage.

A low was fashioned close to $15,470 and the worth began an upside correction. There was a transfer above the $15,800 and $16,000 resistance ranges. The bulls had been capable of push the worth above the 50% Fib retracement stage of the important thing decline from the $16,795 swing excessive to $15,470 low.

Bitcoin worth is now buying and selling under $16,300 and the 100 hourly simple moving average. There can also be a vital bearish pattern line forming with resistance close to $16,200 on the hourly chart of the BTC/USD pair.

On the upside, a right away resistance is close to the $16,200 stage. The first main resistance is close to the $16,300 zone and the 100 hourly easy shifting common. It is near the 61.8% Fib retracement stage of the important thing decline from the $16,795 swing excessive to $15,470 low.

Source: BTCUSD on TradingView.com

The worth should clear the pattern line resistance after which $16,300 to begin a good restoration wave. The subsequent main resistance is close to $16,500, above which the worth might achieve tempo for a transfer in the direction of the $17,000 zone.

Fresh Decline in BTC?

If bitcoin fails to get better above the $16,300 resistance zone, it might begin one other decline. An quick help on the draw back is close to the $15,900 stage.

The subsequent main help is close to the $15,550 zone, under which the worth would possibly even battle to remain above $15,500. A transparent transfer under the $15,500 help would possibly ship the worth in the direction of the $14,000 help zone.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $15,900, adopted by $15,500.

Major Resistance Levels – $16,200, $16,300 and $17,000.