After forming a decent support near $15,000, bitcoin price attempted another increase. BTC broke the $15,200 pivot level to avoid more losses and it settled above the 100 hourly simple moving average.
There was a break above the 50% Fib retracement level of the downward move from the $15,850 high to $14,815 swing low. The price even climbed above the $15,400 level, but it seems like the bulls are facing an uphill task near the $15,500 level.
The 61.8% Fib retracement level of the downward move from the $15,850 high to $14,815 swing low is also acting as a resistance. On the downside, there is a major bullish trend line forming with support near $15,200 on the hourly chart of the BTC/USD pair.
It seems like bitcoin price is approaching a major breakout either above the $15,500 resistance or below the trend line support. If there is a clear break and close above $15,500, the price could rise sharply. The next immediate resistance is near $15,600, above which the price could revisit the $15,850 high.
Role of 100 Hourly SMA for BTC?
If bitcoin fails to clear the $15,500 resistance, there is a risk of a downside break. An initial support is near the $15,200 level, the trend line, and the 100 hourly SMA.
A proper close below the trend line support and the 100 hourly SMA could trigger a sharp decline. The next key support is near the $15,000 level, below which there is a risk of a drop below the $14,815 swing low in the near term.
Hourly MACD – The MACD is struggling to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $15,200, followed by $15,000.
Major Resistance Levels – $15,450, $15,500 and $15,600.