Key Takeaways:
- Bitcoin price started another decline and tested the $15,800 support zone.
- BTC/USD is following a major declining channel with resistance near $16,450 on the 4-hours chart.
- The price remains at a risk of more downsides towards the $15,000 level.
New Delhi(Coinchapter.com): Bitcoin (BTC) price is moving lower below $16,500. BTC/USD remains at a risk of more losses towards the $15,000 support zone.
Bitcoin Price Resumes Decline
This past week, we saw a minor recovery wave in bitcoin, ethereum, sol and xrp. The BTC/USD pair attempted an upside break above the $17,000 and $17,200 resistance levels.
However, the price failed to gain pace for a steady move above the $17,000 level. A swing high was formed near $17,132 before the price started a fresh decline. There was a steady decline below the $16,800 and $16,500 support levels.
Bitcoin price 4-hours chart | Source: BTCUSD on TradingView.com
The bears even pushed the price below the $16,200 level and the price settled well below the 50 simple moving average (4-hours, blue). Finally, the bulls appeared near the $15,800 and $15,850 levels.
The recent swing low was formed near $15,890 and the price is now consolidating losses. On the upside, an immediate resistance is near the $16,180. It is near the 23.6% Fib retracement level of the downward move from the $17,132 swing high to $15,890 low.
The first major resistance is near the $16,500 level. There is also a key bearish trend line forming with resistance near $16,450 on the 4-hours chart. It is close to the 50% Fib retracement level of the downward move from the $17,132 swing high to $15,890 low.
The next major resistance is near the $16,650 zone. A clear move above the $16,650 level might start a decent increase. In the stated case, the price could rise steadily towards the $17,000 resistance. Any more gains could set the pace for a test of the $18,500 resistance.
More Downsides?
If there is no upside break above $16,500, the price could continue to move down. The first major support is near the $15,850 and $15,800 levels.
The next substantial and breakdown support sits near the $15,600 level. A clear move below the $15,600 support could send the price towards the $15,000 support.
Overall, bitcoin price is moving lower and trading below the $16,500 pivot level. If there is a close below $15,800, the price might dive towards the $15,000 level. Conversely, the price might start a steady recovery wave above the $16,500 and $16,650 levels.
