Bitcoin worth is struggling to clear the $17,000 resistance. BTC stays at a threat of extra downsides under the $16,000 help zone earlier than the 12 months finish.
- Bitcoin is displaying bearish indicators under the $17,000 and $17,200 resistance ranges.
- The worth is buying and selling under $16,700 and the 100 hourly easy shifting common.
- There was a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might resume its decline if it stays under the $17,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin worth gained tempo under the $16,800 help zone. BTC even extended its decline under the $16,700 stage and the 100 hourly easy shifting common.
The worth traded as little as $16,453 and is at the moment correcting losses. There was a transfer above the $16,500 and $16,550 ranges. The worth climbed above the 23.6% Fib retracement stage of the current decline from the $16,960 swing excessive to $16,453 low.
There was additionally a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair. However, bitcoin worth is now buying and selling under $16,700 and the 100 hourly simple moving average.
On the upside, an instantaneous resistance is close to the $16,650 stage. The first main resistance is close to the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement stage of the current decline from the $16,960 swing excessive to $16,453 low.
Source: BTCUSD on TradingView.com
The key breakout zone remains to be close to the $17,000 stage. A transparent transfer above the $17,000 resistance may begin a gradual improve within the close to time period. The subsequent main resistance is close to $17,500, above which the value rise in the direction of the $18,000 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to begin a restoration wave above the $16,700 resistance, it might begin one other decline. An rapid help on the draw back is close to the $16,450 stage or the current low.
The subsequent main help is close to the $16,250 stage. A transparent transfer under the $16,250 help may spark a transfer in the direction of the $16,000 stage. Any extra losses may ship the value in the direction of $15,500.
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 close to the 50 stage.
Major Support Levels – $16,450, adopted by $16,250.
Major Resistance Levels – $16,700, $17,000 and $17,200.
