Bitcoin price extended the losses and retested the $15,800 support. BTC could continue to drop towards the $15,000 and $14,000 levels.
- Bitcoin began a fresh decline below the $16,000 and $15,800 levels.
- The price is trading below $16,400 and the 100 hourly simple moving average.
- A major downtrend line is forming with resistance near $16,150 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair remains at risk of further losses towards the $15,000 or even $14,000 level.
Bitcoin Price Review $15,500
Bitcoin price started a fresh decline from the $17,000 resistance. BTC gained bearish momentum after it settled below the $16,500 support zone.
There was a move below the $16,000 level and the 100 hour simple moving average. The bears were able to push the price towards the key $15,500 support zone. A low is formed near $15,470 and the price is now correcting losses.
There was a minor rise above the $15,800 resistance zone. Bitcoin price broke above the 23.6% Fibonacci retracement level of the recent drop from the $16,795 high to $15,470 low.
To the upside, immediate resistance is near the $15,880 level. The first major resistance is near the $16,150 zone. There is also a major downtrend line forming with resistance near $16,150 on the hourly chart of the BTC/USD pair.
Font: BTCUSD on TradingView.com
The 50% Fibonacci retracement level of the recent drop from the $16,795 high to $15,470 low. The next major resistance is near the $16,400 level. The price needs to break above the trend line resistance and then $16,400 to start a decent rise. The next major resistance is near $16,500, above which the price could pick up pace to move towards the $17,000 zone.
More losses in BTC?
If Bitcoin fails to rally above the $16,150 resistance zone, it could continue moving lower. An immediate support on the downside is near the $15,650 level.
The next major support is near the $15,500 zone, below which the price could test the key support at $15,000. A clear move below the $15,000 support could send the price lower, it may be towards $13,200.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support levels: $15,650, followed by $15,500.
Major resistance levels: $16,150, $16,400 and $16,500.
