Bitcoin value remains to be buying and selling in a variety beneath the $17,000 resistance. BTC may witness a significant breakout as we strategy the New Year 2023.
- Bitcoin did not clear the $17,000 and $17,200 resistance ranges.
- The value is buying and selling beneath $16,800 and the 100 hourly easy transferring common.
- There was a break beneath a significant bullish development line with assist close to $16,840 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may decline additional if there’s a clear transfer beneath the $16,550 assist zone.
Bitcoin Price Revisits Support
Bitcoin value made one other try and clear the $17,000 resistance zone. However, BTC struggled to achieve tempo for a transparent transfer above the $17,000 stage.
A excessive was fashioned close to $16,962 earlier than the value began a recent decline. There was a transparent transfer beneath the $16,800 assist zone and the 100 hourly easy transferring common. Besides, there was a break beneath a significant bullish development line with assist close to $16,840 on the hourly chart of the BTC/USD pair.
Bitcoin value examined the important thing $16,550 assist zone. A low is fashioned close to $16,561 and the value is now consolidating losses. It examined the 23.6% Fib retracement stage of the downward transfer from the $16,962 swing excessive to $16,561 low.
On the upside, a right away resistance is close to the $16,720 zone. The first major resistance is close to the $16,800 zone and the 100 hourly SMA. It is near the 61.8% Fib retracement stage of the downward transfer from the $16,962 swing excessive to $16,561 low.
Source: BTCUSD on TradingView.com
The important barrier remains to be close to the $17,000 stage. A transparent transfer above the $17,000 resistance would possibly begin a gentle restoration wave. The subsequent main resistance is close to $17,200, above which the value rise in direction of the $17,500 resistance zone. Any extra beneficial properties would possibly spark a transfer in direction of the $18,000 resistance zone.
More Losses in BTC?
If bitcoin fails to clear the $16,800 resistance, it may proceed to maneuver down. An quick assist on the draw back is close to the $16,550 stage.
The subsequent main assist is close to the $16,350 stage. A draw back break beneath the $16,350 assist would possibly ship the pair in direction of the $16,000 stage. Any extra losses would possibly ship the value in direction of $15,550.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $16,550, adopted by $16,350.
Major Resistance Levels – $16,800, $17,000 and $17,200.
