Bitcoin value struggled to clear the $17,000 resistance. BTC appears to be forming a double high sample and would possibly dive beneath the $16,000 help.
- Bitcoin tried an upside break above the $17,000 resistance, however failed.
- The value is buying and selling above $16,300 and the 100 hourly easy transferring common.
- There was a break beneath a key bullish development line with help close to $16,420 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might proceed to say no if it breaks the $16,000 help zone.
Bitcoin Price Struggle Continues
Bitcoin value tried a restoration wave from the $15,500 support zone. BTC climbed above the $16,000 and $16,500 resistance ranges.
It even settled above the $16,300 degree and the 100 hourly easy transferring common. However, the bears have been lively close to the $16,800 zone. It looks like the worth confronted one other main rejection close to the $16,800 degree and is forming a double high sample.
Bitcoin value began a contemporary decline from the $16,800 zone. There was a break beneath a key bullish development line with help close to $16,420 on the hourly chart of the BTC/USD pair.
It is now approaching the 23.6% Fib retracement degree of the latest improve from the $15,470 swing low to $16,791 excessive. Besides, it’s buying and selling above $16,300 and the 100 hourly simple moving average. On the upside, a direct resistance is close to the $16,600 degree.
Source: BTCUSD on TradingView.com
The first main resistance is close to the $16,800 zone. A profitable transfer above the $16,800 resistance would possibly begin an actual restoration wave. The subsequent main resistance is close to $17,000, above which the worth might acquire tempo for a transfer in the direction of the $17,500 zone.
Fresh Decline in BTC?
If bitcoin fails to climb above the $16,800 resistance, it might proceed to maneuver down. An instant help on the draw back is close to the $16,280 degree and the 100 hourly easy transferring common.
The subsequent main help is close to the $16,130 zone or the 50% Fib retracement degree of the latest improve from the $15,470 swing low to $16,791 excessive, beneath which the worth would possibly acquire bearish momentum. In the said case, the worth would possibly drop in the direction of the $15,500 help zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 degree.
Major Support Levels – $16,280, adopted by $16,130.
Major Resistance Levels – $16,800, $17,000 and $18,000.
