{"id":449562,"date":"2020-11-12T03:48:01","date_gmt":"2020-11-12T03:48:01","guid":{"rendered":"https:\/\/wncen.com\/?p=449562"},"modified":"2024-06-11T14:08:17","modified_gmt":"2024-06-11T14:08:17","slug":"bitcoin-prints-bullish-pattern-16k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-prints-bullish-pattern-16k\/","title":{"rendered":"TA: Bitcoin Prints Bullish Pattern, Why Break Above $16K Could Be Significant"},"content":{"rendered":"
Bitcoin price regained momentum and broke the $15,800 resistance against the US Dollar. BTC is trading nicely above the $15,500 support and the bulls seem to be aiming a break above $16,000.<\/em><\/p>\n Yesterday, we discussed the importance of the 100 hourly simple moving average<\/a> and $15,200 for bitcoin price. BTC remained well bid above the 100 hourly SMA, it climbed above the $15,500 and $15,600 resistance levels.<\/p>\n The upward move gained pace above the $15,700 level and the price even spiked above the $15,850 resistance. It traded close to the $16,000 resistance and formed a new weekly high at $15,995. Bitcoin is currently correcting lower and trading below $15,850.<\/p>\n There was a break below the 23.6% Fib retracement level of the recent increase from the $15,098 swing low to $15,995 high. The first key support is near the $15,600 level. The next major support is near the $15,550 level.<\/p>\n <\/a><\/p>\n There is also a crucial bullish trend line forming with support near $15,540 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $15,098 swing low to $15,995 high.<\/p>\n On the upside, an immediate resistance is near $15,800, above which the price attempt a break above the $16,000 resistance. If there is a clear break above $16,000, the price could rally towards the $16,200 and $16,500 levels.<\/p>\n\n
Bitcoin Price Is Showing Positive Signs<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Repeat Role of 100 Hourly SMA for BTC?<\/h2>\n