Bitcoin price started a fresh increase from the $14,380 swing low against the US Dollar. BTC is back above the 100 hourly SMA, but it must surpass $15,600 for more upsides in the near term.
- Bitcoin started a strong upward move after trading as low as $14,380.
- The price climbed back above $15,200 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $15,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to clear the $15,600 resistance as long as it is above the 100 hourly SMA.
Bitcoin Price Holding Gains
After a strong downside correction, bitcoin price found support near the $14,400 level. BTC traded as low as $14,380 and started a steady upward move. It surpassed the $14,800 and $15,000 resistance levels.
More importantly, there was a break above a major bearish trend line with resistance near $15,300 on the hourly chart of the BTC/USD pair. The bulls were able to clear the 50% Fib retracement level of the downside correction from the $15,990 swing zone to $14,380 low.
The pair even settled above the $15,200 level and the 100 hourly simple moving average. Bitcoin price is now facing a strong resistance near the $15,600 level.
Source: BTCUSD on TradingView.com
The 76.4% Fib retracement level of the downside correction from the $15,990 swing zone to $14,380 low is also acting as a resistance. A clear break above the $15,600 resistance level is must for more upsides in the near term. The next major resistance is near the $15,800 level, above which it could revisit $15,950. Any further gains could lead the price above the $16,000 and $16,120 levels.
Dips Supported in BTC?
If bitcoin fails to clear the $15,600 resistance, there is a risk of a fresh decline. An initial support is near the $15,200 level and the 100 hourly simple moving average.
A downside break below the 100 hourly simple moving average and the $15,200 support zone could increase selling pressure on bitcoin. In the stated case, there is a risk of a drop towards the $14,800 and $14,750 support levels in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 50 level.
Major Support Levels – $15,200, followed by $15,000.
Major Resistance Levels – $15,600, $15,800 and $16,000.
