Bitcoin price started a downside correction from $19,600 against the US Dollar. BTC/USD tested the $15,700 support and is currently recovering.
Key Talking Points
- Bitcoin price after trading above the $19,600 level (data feed by Kraken) against the US Dollar found sellers and declined.
- There was a break below a descending channel with support at $17,500 on the hourly chart of BTC/USD.
- The pair found support around the $15,700 level and is currently moving back higher.
Bitcoin Price Chart Analysis
After a nasty upside move above the $19,600 level, bitcoin price faced strong sell offers against the US Dollar. The BTC/USD pair failed to test the $20K level and started a downside move below the $19,000 level.
The decline was substantial as the pair traded below the $18,000 and $17,500 support levels to close below the 100 hourly simple moving average.
During the downside move, the pair broke a descending channel…