Bitcoin price is likely to accelerate losses if there is a clear break below the $15,800 support
Bitcoin price started a downward correction from above $ 16,200 as the current price was hovering around $ 15,988, recording a 4% gain over the past seven days. See that Bitcoin is still likely to make a loss if there is a clear break below the $ 15,800 support level.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price failed to sustain above the $ 16,200 support and prolong its decline
The price is currently trading below $ 16,000 and the 100 hourly simple moving average. There is a major downtrend line forming with resistance near $ 16,050 on the BTC / USD pair’s hourly chart.
After struggling to accelerate above $ 16,500, Bitcoin’s price began a downward correction. BTC broke the $ 16,200 support and settled below the 100-hour simple moving average to move into the short-term bearish zone.
It even broke the $ 16,000 handle, but the bulls can defend $ 15,800. Recent low volatility was formed near $ 15,803 before the price started a slight up move. There was a break above the $ 15,900 and $ 15,950 level.
Bitcoin price even spiked above the 50% Fib retracement level of the recent drop from the high of $ 16,172 to the low of $ 15,803. The price is currently struggling to recover above the $ 16,000 zone and the 100 hourly simple moving average.
There is also a major downtrend line forming with resistance near $ 16,050 on the BTC / USD pair’s hourly chart. The trendline is close to the 61.8% Fib retracement level of the recent decline from the $ 16,172 high to the $ 15,803 low.
A clear break above the trendline resistance, $ 16,100, and the 100-hour SMA could open the doors for a new rally in the coming sessions.
If bitcoin fails to break through the trendline’s resistance line, $ 16,100, and the 100-hour SMA, there is a risk of a trendline breakout. The first major support on the downside is close to $ 15,800.
A drop below the $ 15,800 support could put a lot of pressure on the bulls. In the event started, the price is likely to drop to the $ 15,500 support level or even $ 15,200.
You can see the Bitcoin price here.
Read more:
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