Bitcoin (BTC) price started a downside correction well above $ 16,200 against the US Dollar. If there is a clear break below the $ 15,800 support, BTC is likely to fall rapidly.
According to analyst Aayush Jindal, Bitcoin failed to stay above the $ 16,200 support yesterday and fell. The price is currently recovering from this drop and is trading around $ 16,200, according to CoinMarketCap data. Yesterday, BTC was trading below $ 16,000 and the 100 hourly simple moving average. For this reason, some analysts have issued statements that BTC may continue its decline. There is a key bearish trend line showing resistance near $ 16,050 on the hourly chart of the BTC / USD pair, according to analyst Jindal. The pair is at risk of a sharp decline if there is a clear break below the $ 15,800 support.
Bitcoin Price May Fall Further
After bitcoin price struggled to move above the $ 16,500 level, it started a downside correction. BTC broke the $ 16,200 support level and dropped below the 100 hourly simple moving average to move into a short-term bearish zone. BTC even broke $ 16,000 the day before, but the bulls were able to protect $ 15,800. It finally fell to around $ 15,803 before the price started a small upward move. BTC then had a break above the $ 15,900 and $ 15,950 levels. BTC price is currently struggling to stay and recover in the $ 16,200 zone.
There is also a key bearish trend line with resistance near $ 16,050 on the hourly chart of the BTC / USD pair. A clear break above the trendline resistance at $ 16,100 and the 100 hourly SMA may open the doors for a fresh increase in the coming sessions.
Is There Any Negative Situation in BTC?
If Bitcoin fails to clear the trendline resistance, $ 16,100 and the 100 hourly SMA, there is a risk of a downside breakout. The first major support on the downside is near $ 16,000 followed by the $ 15,800 level.
A downside break below the $ 15,800 support could perhaps put too much pressure on the bulls. In the stated situation, the price could drop to the $ 15,500 support and even $ 15,200.
Hourly MACD: The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently near the 50 level.
Major Support Levels: $ 16,000, $ 15,800 followed by $ 15,500
Major Resistance Levels: $ 16,200.