Bitcoin Signals Start Of Corrective Decrease Towards Key $15K

Bitcoin signals start of corrective decrease and the $15,000 level is the key support, after the coin traded to a new multi-month high close of $16,500 against the US dollar. BTC is now signaling the downside correction and will likely test the $15,200 support so let’s read more in today’s bitcoin news.

Bitcoin traded above the $16,000 resistance and tested the $16,500 zone. The price is now correcting below $16,000 but is well above the 100 simple moving average with a break below of the major bullish trend line with support at $16,000 on the 4-hour charts of the BTC/USD pair. The pair is showing signs of a downside correction towards the $15,200 and the $15,000 support levels. Over the past week, Bitcoin started a strong upward movement above the $15,500 and the $15,800 resistance level against the US Dollar. The pair even rallied above $16,000 and settled well above the 100 simple moving average.

The pair traded close to the $16,500 level and formed a new multi-month high at $16,493 before starting the downside correction. There was a break below the $16,200 support level. Bitcoin’s price declined below the 50% fib retracement level of the upward movement from the $15,442 swing low to $16,493 high. There was also a break below the major bullish trend line with the support at $16,000 on the 4-hour chart of the pair. The bulls are now protecting the $15,800 support level with the key support nearing the $15,690 level or the 76% fib retracement level of the upward movement from the $15,442 swing low to $16,493 high.

Bitcoin signals start of corrective decrease with a clear break below the $15,690 level as the price could continue to move towards the $15,250 and the $15,200 support levels. The price has to stay above the $15,000 support zone to avoid the bigger decline towards the $14,500 level. If bitcoin stays above the $15,690 and the $15,200 support levels with more chances of fresh increase with the initial resistance on the upside is near the $16,200 level. The next major resistance is close to the $16,450 and the $16,500 levels. The clear break above the $16,500 level could perhaps open the door for a larger increase to the $17,000 level.

The 4-hours MACD for the pair is losing momentum in the bullish zone. The 4-hour RSI is below the 50 levels. The major support level is set at $15,690 while the major resistance level is set at $16,200.