{"id":449775,"date":"2020-11-15T04:08:53","date_gmt":"2020-11-15T04:08:53","guid":{"rendered":"https:\/\/wncen.com\/?p=449775"},"modified":"2024-06-11T14:08:24","modified_gmt":"2024-06-11T14:08:24","slug":"bitcoin-signaling-start-of-corrective-decrease-why-15k-is-the-key","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-signaling-start-of-corrective-decrease-why-15k-is-the-key\/","title":{"rendered":"Bitcoin Signaling Start of Corrective Decrease, Why $15K Is The Key"},"content":{"rendered":"
Bitcoin price traded to a new multi-month high close to $16,500 against the US Dollar. BTC is now signaling a downside correction and it could test the $15,200 support.<\/em><\/p>\n This past week, bitcoin started a strong upward move above the $15,500 and $15,800 resistance levels against the US Dollar. The BTC\/USD pair even rallied above $16,000<\/a> and settled well above the 100 simple moving average (4-hours).<\/p>\n It traded close to the $16,500 level and formed a new multi-month high at $16,493 before starting a downside correction<\/a>. There was a break below the $16,200 support level.<\/p>\n Bitcoin price declined below the 50% Fib retracement level of the upward wave from the $15,442 swing low to $16,493 high. Moreover, there was a break below a major bullish trend line with support at $16,000 on the 4-hours chart of the BTC\/USD pair.<\/p>\n <\/a><\/p>\n The bulls are now protecting the $15,800 support level. The next key support is near the $15,690 level or the 76.4% Fib retracement level of the upward wave from the $15,442 swing low to $16,493 high.<\/p>\n If there is a clear break below the $15,690 level, the price could continue to move down towards the $15,250 and $15,200 support levels. The price must stay above the $15,000 support zone to avoid a larger decline towards the $14,500 level.<\/p>\n If bitcoin stays above the $15,690 and $15,200 support levels, there are chances of a fresh increase. An initial resistance on the upside is near the $16,200 level.<\/p>\n The next major resistance is near the $16,450 and $16,500 levels. A clear break above the $16,500 level may perhaps open the doors for a larger increase towards the $17,000 level.<\/p>\n Technical indicators<\/p>\n 4 hours MACD \u2013 The MACD for BTC\/USD is slowly losing momentum in the bullish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just below the 50 level.<\/p>\n Major Support Level \u2013 $15,690<\/p>\n Major Resistance Level \u2013 $16,200<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price traded to a new multi-month high close to $16,500 against the US Dollar. BTC is now signaling a downside correction and it could test the $15,200 support. Bitcoin traded above the $16,000 resistance and almost tested the $16,500 zone. The price is now correcting below $16,000, but it is well above the 100 simple moving average (4-hours). There was a break below a major bullish trend line with support at $16,000 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair is showing signs of a downside correction towards the $15,200 and $15,000 support levels. Bitcoin Price is Forming Short-term Top? This past week, bitcoin started a strong upward move above the $15,500 and $15,800 resistance levels against the US Dollar. The BTC\/USD pair even rallied above $16,000 and settled well above the 100 simple moving average (4-hours). It traded close to the $16,500 level and formed a new multi-month high at $16,493 before starting a downside correction. There was a break below the $16,200 support level. Bitcoin price declined below the 50% Fib retracement level of the upward wave from the $15,442 swing low to $16,493 high. Moreover, there was a break below a major bullish trend line with support at $16,000 on the 4-hours chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com The bulls are now protecting the $15,800 support level. The next key support is near the $15,690 level or the 76.4% Fib retracement level of the upward wave from the $15,442 swing low to $16,493 high. If there is a clear break below the $15,690 level, the price could continue to move down towards the $15,250 and $15,200 support levels. The price must stay above the $15,000 support zone to avoid a larger decline towards the $14,500 level. Fresh Increase in BTC? If bitcoin stays above the $15,690 and $15,200 support levels, there are chances of a fresh increase. An initial resistance on the upside is near the $16,200 level. The next major resistance is near the $16,450 and $16,500 levels. A clear break above the $16,500 level may perhaps open the doors for a larger increase towards the $17,000 level. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is slowly losing momentum in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just below the 50 level. Major Support Level \u2013 $15,690 Major Resistance Level \u2013 $16,200<\/p>\n","protected":false},"author":67,"featured_media":449777,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-449775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price is Forming Short-term Top?<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Increase in BTC?<\/h2>\n