Bitcoin (BTC) price started a strong rise after breaking the $ 16,000 resistance against the US dollar. BTC rose by 5% and is currently facing hurdles around $ 16,500.
Bitcoin managed to clear the $ 16,000 resistance to start another surge.
The price is currently trading well above the $ 16,200 support and the 100 hourly simple moving average. According to analyst Aayush Jindal, the BTC / USD pair has two bullish trend lines formed on the hourly chart with support near $ 16,080 and $ 15,900. The pair could fix a few points, but dips are likely to stay below $ 16,000.
Bitcoin Price Settles Above $ 16,000
Yesterday, we discussed the importance of the upside break above the $ 16,000 resistance in bitcoin price. BTC gained strength and managed to clear the $ 16,000 resistance level. The price even broke the $ 16,200 resistance and settled well above the 100 hourly simple moving average. It traded near the $ 16,500 resistance and a new month’s high of around $ 16,487. The price is currently consolidating gains near the $ 16,270 level.
Support and Resistance in BTC
According to Jindal, the first major support on the downside is near $ 16,200. There are two bullish trend lines formed with support near $ 16,080 and $ 15,900 on the hourly chart of the BTC / USD pair. On the upside, the $ 16,500 level is a strong resistance. A successful break above the $ 16,500 resistance could open the doors for a push towards the $ 16,800 level in the near term.
If Bitcoin starts a downside correction, the $ 16,200 support zone could serve as a good support. The next major support is near the $ 16,000 level (the last breakout zone). A downside break below the $ 16,000 support could accelerate losses in Bitcoin and cause it to drop towards the $ 15,500 support level.
- Hourly MACD: The MACD is slowly losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently correcting lower than the 70 level.
- Major Support Levels: $ 16,200 followed by $ 16,000.
- Major Resistance Levels: $ 16,500, $ 16,800 and $ 16,850.