⚡Crypto Alert : Start Trading Cryptos with 0 Fees - Click Here

Bitcoin Breaks Under $16,400 – Is It Going After $15,500?

Bitcoin’s price struggled to break beyond the $16,800 barrier. BTC is falling, and additional losses are possibly below the $16,000 support level. BITCOIN attempted to break above the $16,800 barrier level. BTC failed to generate traction for a move above the $16,800 resistance level, forming a double top formation.

From the high of $16,791, there was a slow and steady drop. The price fell below the $16,500 and $16,400 thresholds. Price was pushed below the 23.6% Fib retracement line of the upward run from the $15,470 swing low to the $16,790 high by the bears.

The bitcoin price is currently trading below $16,500 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $16,550.

BTC/USD

Bitcoin (BTC/USD) Technical Outlook

The price is now holding near the 50% Fib retracement level of the upward advance from the swing low of $15,470 to the high of $16,790. On the upside, an immediate resistance level is near $16,300.

The first big barrier is located near the $16,500 level, the 100 hourly simple moving average, and the highlighted bearish trend line. A successful break just above the $16,500 resistance level might propel the price even higher. The next big barrier is near $16,800, at which point the price may accelerate toward the $17,500 zone. If bitcoin fails to break through the $16,500 barrier, it may continue to fall. On the downside, there is immediate support near the $16,100 level.

The next key support is near $16,000, beyond which the price may begin to fall. In the aforementioned scenario, the price could fall toward the $15,500 support zone.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Avatar
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
🔒 OPEN A TRADING ACCOUNT