Bitcoin value is dealing with resistance close to $17,000. BTC might begin one other decline except there’s a sturdy transfer above the $17,000 resistance zone.
- Bitcoin recovered greater above the $16,800 resistance zone.
- The value is buying and selling above $16,800 and the 100 hourly easy shifting common.
- There is a rising channel forming with resistance close to $17,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might resume its decline except there’s a shut above the $17,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin value discovered help close to the $16,250 zone. BTC traded as little as $16,260 and began a recovery wave. There was a transparent transfer above the $16,500 and $16,600 ranges.
The bulls had been capable of push the worth above the $16,800 resistance and the 100 hourly easy shifting common. The value even spiked above the $17,000 resistance, however upsides had been restricted. A excessive was fashioned close to $17,067 and the worth is now buying and selling in a variety.
Bitcoin value declined beneath the 23.6% Fib retracement stage of the upward transfer from the $16,260 swing low to $17,067 excessive. It is now buying and selling above $16,800 and the 100 hourly simple moving average.
There can be a rising channel forming with resistance close to $17,000 on the hourly chart of the BTC/USD pair. On the upside, a direct resistance is close to the $17,000 zone. The first main resistance is close to the $17,200 zone. A transparent transfer above the $17,200 resistance would possibly name for a transfer in direction of the $17,500 resistance.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $18,000, above which the worth would possibly achieve tempo and rise in direction of the $18,450 resistance zone within the coming periods.
Fresh Decline in BTC?
If bitcoin fails to clear the $17,000 resistance, there may very well be a recent decline. An rapid help on the draw back is close to the $16,800 stage and the channel development line.
The subsequent main help is close to the $16,650 zone. It is near the 50% Fib retracement stage of the upward transfer from the $16,260 swing low to $17,067 excessive. A draw back break beneath the $16,650 help would possibly name for a drop in direction of the $16,260 stage. Any extra losses would possibly ship the worth in direction of $16,000.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $16,800, adopted by $16,650.
Major Resistance Levels – $17,000, $17,200 and $17,500.
