Bitcoin value remains to be dealing with resistance beneath $17,000. BTC may decline closely if there’s a clear transfer beneath the $16,000 assist zone.
- Bitcoin remains to be displaying bearish indicators beneath the $16,800 and $17,000 resistance ranges.
- The value is buying and selling above $16,500 and the 100 hourly easy shifting common.
- There was a break above a key bearish development line with resistance close to $16,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may resume its decline if there’s a clear transfer beneath the $16,000 assist.
Bitcoin Price Remains In Downtrend
Bitcoin value spiked beneath the $16,500 support zone. However, BTC bulls had been energetic above the $16,200 stage. The value traded as little as $16,325 and lately began an upside correction.
There was a minor restoration wave above the $16,500 stage. The value climbed above the $16,600 stage and the 100 hourly easy shifting common. However, the bears had been energetic close to the $16,680 zone. A excessive was shaped close to $16,683 and the value corrected decrease.
Bitcoin value declined beneath 23.6% Fib retracement stage of the upward transfer from the $16,325 low to $16,683 excessive. It discovered assist close to the $16,500 stage.
The value is buying and selling above the 50% Fib retracement stage of the upward transfer from the $16,325 low to $16,683 excessive. It can also be above $16,500 and the 100 hourly simple moving average. On the upside, a direct resistance is close to the $16,600 stage.
Source: BTCUSD on TradingView.com
The first main resistance is close to the $16,680 zone. The subsequent main resistance is close to the $16,800 stage. The key breakout zone remains to be close to the $17,000 stage. A transparent transfer above the $17,000 resistance may begin a contemporary enhance within the close to time period.
Fresh Decline in BTC?
If bitcoin fails to begin a restoration wave above the $16,650 resistance, it may begin one other decline. An rapid assist on the draw back is close to the $16,500 stage.
The subsequent main assist is close to the $16,350 stage. A transparent transfer beneath the $16,350 assist 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 bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 stage.
Major Support Levels – $16,500, adopted by $16,350.
Major Resistance Levels – $16,600, $16,800 and $17,000.
