BTC Consolidates Again Below $15.5, Could A Correction Form?

BTC consolidates again below the $15.5 price range as it was struggling to settle above the $15,500 and the $15,600 against the US dollar. The price will likely start a sharp downside if it breaks the $15,000 support as we are reading more in the latest Bitcoin news today.

Bitcoin is showing more signs below the $15,500 and the $15,600 levels which are quite bearish as the price currently trading below the $15,400 and the 100 hourly simple moving average. With the key connecting bullish trend line that forms near the support of $15,050 on the hourly chart of the pair. The pair could start another downside correction if it continues to face more resistance at $15,500.

There was an increase in selling pressure on the Bitcoin price from the $15,850 zone so BTC declined by $500 and it spiked below the $15,000 support as well. The new low was formed at $14,815 before the price started a fresh increase. There was also a break above the $15,100 level plus the price traded at the 23.6% fib retracement level from the decline at the ,850 high to the ,815 swing low.
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the price seems to be facing a strong resistance as of late near the $15,450 and the $15,500 levels.

As BTC consolidates again, the 50% fib retracement level from the recent decline at $15,850 high to $14,815 swing low is acting along with the main hurdle for the bulls. It is now trading below $15,400 and the 100 hourly simple moving average. To move into the positive zone, the price has to break the $15,450 level and then gain more traction above $15,500. The next resistance is near the $15,600 level above which there are some strong chances of a sustained upwards movement near the $15,850 and the $16,000 levels. If Bitcoin fails to clear these resistance levels, there could be more risks of downsides with the initial support set at the $15,200 level.

There’s also a key connecting bullish trend line that is forming with support at $15,050 on the hourly charts of the pair. If there’s a clear break below the trend line support, the price could decline further below the $15,000 level. The next major support is close to the $14,850 below which the price could revisit the $14,500 in the upcoming sessions. The MACD is struggling to gain pace in the bullish zone while the RSI for the pair is going towards the 40 level.