Bitcoin Price Looks Ready For Another Leg Higher Over $16.5K

Bitcoin rate extended its decrease and evaluated the $16,000 assistance. BTC is forming a base and may quickly increase above the $16,500 resistance zone.

• Bitcoin decreased even more and evaluated the $16,000 assistance zone.
• The rate is trading listed below $16,500 and the 100 per hour easy moving average.
• There is an essential bearish pattern line forming with resistance near $16,500 on the per hour chart of the BTC/USD set (information feed from Kraken).
• The set might begin a good boost if it clears the $16,500 resistance zone.

Bitcoin Cost Stays Supported

Bitcoin rate began a disadvantage correction from the $16,800 resistance zone. BTC decreased listed below the $16,500 assistance level and the 100 per hour easy moving average.

The rate even moved listed below the $16,200 level, however the bulls were active near the $16,000 assistance zone. A low was formed near $16,000 and the rate is now combining losses. There was a small boost above the $16,200 level.

Bitcoin rate is now trading listed below $16,500 and the 100 per hour easy moving average. There is likewise an essential bearish pattern line forming with resistance near $16,500 on the per hour chart of the BTC/USD set.

On the benefit, an instant resistance is near the $16,300 level. It is near the 50% Fib retracement level of the down relocation from the $16,588 swing high to $16,000 low. The very first significant resistance is near the $16,500 zone, the pattern line, and the 100 per hour easy moving average.

Source: BTCUSD on TradingView.com

The pattern line is near the 76.4% Fib retracement level of the down relocation from the $16,588 swing high to $16,000 low. An effective relocation above the $16,500 resistance may begin a good boost. The next significant resistance is near $16,800, above which the rate might get rate for a relocation towards the $17,500 zone.

More Losses in BTC?

If bitcoin stops working to climb up above the $16,500 resistance, it might have a hard time to remain in a favorable zone. An instant assistance on the disadvantage is near the $16,130 level.

The next significant assistance is near the $16,000 zone, listed below which the rate decrease even more. In the mentioned case, the rate may drop towards the $15,500 assistance zone.

Technical indications:

Per Hour MACD– The MACD is now acquiring rate in the bullish zone.

Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is now above the 50 level.

Significant Assistance Levels– $16,130, followed by $16,000.

Significant Resistance Levels– $16,500, $16,800 and $17,000.