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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Bitcoin Consolidates Below $15.5K, How A Correction Could Form

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price is struggling to settle above $15,500 and $15,600 against the US Dollar. BTC is likely to start a sharp downside correction if it breaks the $15,000 support.

  • Bitcoin is showing a few bearish signs below the $15,500 and $15,600 levels.
  • The price is currently trading below $15,400 and the 100 hourly simple moving average.
  • There is a key connecting bullish trend line forming with support near $15,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a sharp downside correction if it continues to face resistance near $15,500.

Bitcoin Price is Facing Hurdles

There was an increase in selling pressure on bitcoin price from the $15,850 zone. BTC declined over $500 and it even spiked below the $15,000 support. A low was formed near $14,815 before the price started a fresh increase.

There was a break above the $15,100 level, plus the price traded above the 23.6% Fib retracement level of the recent decline from the $15,850 high to $14,815 swing low. However, the price seems to be facing a strong resistance near the $15,450 and $15,500 levels.

The 50% Fib retracement level of the recent decline from the $15,850 high to $14,815 swing low is also acting as a hurdle for the bulls. It is currently trading below $15,400 and the 100 hourly simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

To move into a positive zone, bitcoin price must break $15,450 and then gain traction above $15,500. The next resistance is near the $15,600 level, above which there are real chances of a sustained upward move towards the $15,850 and $16,000 levels.

Another Downside Correction in BTC?

If bitcoin fails to clear the $15,500 resistance, there is a risk of a fresh downside correction. An initial support is near the $15,200 level.

There is also a key connecting bullish trend line forming with support near $15,050 on the hourly chart of the BTC/USD pair. If there is a clear break below the trend line support, the price might decline further below $15,000. The next major support is near $14,850, below which the price might revisit $14,500 in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is struggling to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 40 level.

Major Support Levels – $15,200, followed by $15,000.

Major Resistance Levels – $15,450, $15,500 and $15,600.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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