TA: Bitcoin Near Inflection Zone, Why Breakdown Below $15,800 Seems Likely

TA: Bitcoin Near Inflection Zone, Why Breakdown Below $15,800 Seems Likely


Bitcoin price started a downside correction from well above $16,200 against the US Dollar. BTC is likely to accelerate losses if there is a clear break below the $15,800 support.

Bitcoin failed to stay above the $16,200 support and extended its decline. The price is currently trading below $16,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $16,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains at a risk of a sharp decline if there is a clear break below the $15,800 support. Bitcoin Price Could Decline Further

After struggling to gain pace above the $16,500 level, bitcoin price started a downside correction. BTC broke the $16,200 support level and settled below the 100 hourly simple moving average to move into a short-term bearish zone.

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It even broke the $16,000 handle, but the bulls were able to protect $15,800. The recent swing

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