Bitcoin value is struggling to clear the $17,000 resistance zone. BTC should keep above $16,000 to keep away from extra losses within the close to time period.
- Bitcoin remains to be consolidating above the $16,350 and $16,000 help ranges.
- The value is buying and selling simply above $16,500 and the 100 hourly easy transferring common.
- There is a serious bearish development line forming with resistance close to $16,750 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin a restoration wave if it clears the $17,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin value made an try to realize energy above the $17,000 resistance zone. However, BTC struggled to stay steady above the $17,000 stage.
The value traded as excessive as $17,098 and not too long ago began a gradual decline. There was a transfer beneath the $16,800 and $16,650 ranges. The value declined beneath the 23.6% Fib retracement stage of the upward transfer from the $15,833 swing low to $17,098 excessive.
The value even spiked beneath the $16,500 stage. However, the bulls have been energetic close to the 50% Fib retracement stage of the upward transfer from the $15,833 swing low to $17,098 excessive.
Bitcoin value is now buying and selling simply above $16,500 and the 100 hourly simple moving average. On the upside, an instantaneous resistance is close to the $16,750 stage. There can be a serious bearish development line forming with resistance close to $16,750 on the hourly chart of the BTC/USD pair.
The first main resistance is close to the $17,000 zone. A transparent transfer above the $17,000 resistance may set the tempo for an honest restoration wave.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $17,500, above which the worth may rise in direction of the $18,000 zone. Any extra positive aspects would possibly ship the worth in direction of the $18,500 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to realize tempo above the $17,000 resistance zone, it may proceed to maneuver down. An rapid help on the draw back is close to the $16,600 stage and the 100 hourly SMA.
The subsequent main help is close to the $16,350 zone. The important help is close to the $16,000 zone. A transparent transfer beneath the $16,000 help would possibly spark one other main decline within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $16,350, adopted by $16,000.
Major Resistance Levels – $16,750, $17,000 and $17,500.
