Bitcoin price extended its decline and tested the $16,000 support. BTC is forming a base and might soon rise above the $16,500 resistance zone.
- Bitcoin declined further and tested the $16,000 support zone.
- The price is trading below $16,500 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $16,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a decent increase if it clears the $16,500 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price started a downside correction from the $16,800 resistance zone. BTC declined below the $16,500 support level and the 100 hourly simple moving average.
The price even moved below the $16,200 level, but the bulls were active near the $16,000 support zone. A low was formed near $16,000 and the price is now consolidating losses. There was a minor increase above the $16,200 level.Bitcoin price is now trading below $16,500 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $16,500 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $16,300 level. It is near the 50% Fib retracement level of the downward move from the $16,588 swing high to $16,000 low. The first major resistance is near the $16,500 zone, the trend line, and the 100 hourly simple moving average.More Losses in BTC?
If bitcoin fails to climb above the $16,500 resistance, it could struggle to stay in a positive zone. An immediate support on the downside is near the $16,130 level.Major Resistance Levels – $16,500, $16,800 and $17,000.