Bitcoin price traded to a new multi-month high close to $16,500 against the US Dollar. BTC is now signaling a downside correction and it could test the $15,200 support.
Bitcoin traded above the $16,000 resistance and almost tested the $16,500 zone. The price is now correcting below $16,000, but it is well above the 100 simple moving average (4-hours). There was a break below a major bullish trend line with support at $16,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is showing signs of a downside correction towards the $15,200 and $15,000 support levels. Bitcoin Price is Forming Short-term Top?
This past week, bitcoin started a strong upward move above the $15,500 and $15,800 resistance levels against the US Dollar. The BTC/USD pair even rallied above $16,000 and settled well above the 100 simple moving average (4-hours).
It traded close to the $16,500 level and formed a new multi-month high at $16,493