Bitcoin (BTC) price is facing strong resistance around $ 15,500 and $ 15,600 against the US dollar. Unless there is a clear break below the 100 hour SMA, BTC could clear the $ 15,500 resistance.
Bitcoin is facing a strong hurdle near the $ 15,500 and $ 15,600 resistance levels. The price is currently holding support at $ 15,200 and the 100 hourly simple moving average. There is a major bullish trend line formed with support near $ 15,200 on the hourly chart of the BTC / USD pair. The pair could either rise above the $ 15,500 resistance or drop well below the 100 hourly SMA.
Bitcoin Price Stuck Below $ 15,500
After building a good support around $ 15,000, the Bitcoin price attempted another increase. BTC broke the $ 15,200 pivot level to avoid further losses and moved above the 100 hourly simple moving average.
The price surged above the $ 15,400 level, but the bulls seem to be facing a tough task near the $ 15,500 level. On the downside, there is a major bullish trend line formed with support near $ 15,200 on the hourly chart of the BTC / USD pair.
Bitcoin price seems to be approaching a major break above the $ 15,500 resistance or below the trendline support. If there is a clear breakout and is near above $ 15,500, the price could rise sharply. The next resistance is near $ 15,600, above which the price could revisit the $ 15,850 high.
What is the Role of the 100-Hour SMA for BTC?
If Bitcoin fails to cross the $ 15,500 resistance, there is a risk of a downside breakout. Initial support is near the $ 15,200 level, the trend line and the 100 hourly SMA. A proper close below the trendline support and the 100 hourly SMA could trigger a sharp decline. The next key support is near the $ 15,000 level and below that, there is a risk of falling below the $ 14,815 low in the near term.