Bitcoin value is slowly shifting decrease in direction of $15,500. BTC stays at a danger of extra losses until it settles above the $17,000 resistance zone.
- Bitcoin began a contemporary decline under the $16,500 and $16,400 ranges.
- The value is buying and selling under $16,500 and the 100 hourly easy shifting common.
- There is a key bearish development line forming with resistance close to $16,390 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin an honest improve if there’s a transfer above the $16,500 resistance zone.
Bitcoin Price Restarts Decline
Bitcoin value failed to achieve tempo above the $17,000 resistance. BTC struggled to remain above the $16,650 stage and began a contemporary decline.
The latest swing excessive was shaped close to $16,795 earlier than the value dropped under the $16,500 help. There was an in depth under the $16,500 zone and the 100 hourly simple moving average. The bears even pushed the value in direction of the $16,150 stage.
A low is shaped close to $16,156 and the value is now consolidating losses. On the upside, a right away resistance is close to the $16,300 stage. It is close to the 23.6% Fib retracement stage of the latest decline from the $16,795 swing excessive to $16,156 low.
The first main resistance is close to the $16,400 zone. There can also be a key bearish development line forming with resistance close to $16,390 on the hourly chart of the BTC/USD pair. The subsequent main resistance is close to the $16,500 stage. It is close to the 50% Fib retracement stage of the latest decline from the $16,795 swing excessive to $16,156 low.
Source: BTCUSD on TradingView.com
Bitcoin value should clear the development line resistance after which the 100 hourly easy shifting common to maneuver right into a optimistic zone. The subsequent main resistance is close to $17,000, above which the value may achieve tempo for a transfer in direction of the $18,000 zone.
More Losses in BTC?
If bitcoin fails to achieve tempo above the $16,400 resistance zone, it may proceed to maneuver down. An instant help on the draw back is close to the $16,150 stage.
The subsequent main help is close to the $16,000 zone, under which the value would possibly check the important thing help at $15,500. A transparent transfer under the $15,500 help would possibly ship the value additional decrease.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now within the oversold zone.
Major Support Levels – $16,150, adopted by $16,000.
Major Resistance Levels – $16,350, $16,400 and $16,500.
