Bitcoin worth prolonged its decline beneath the $17,000 degree. BTC may keep away from a significant drop if it closes above the $17,000 resistance zone.
- Bitcoin remained in a bearish zone and traded beneath the $17,000 help.
- The worth is buying and selling beneath $17,000 and the 100 hourly easy transferring common.
- There is a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is displaying a couple of bearish indicators beneath the $17,000 pivot degree.
Bitcoin Price Is Showing Bearish Signs
Bitcoin worth failed to remain in a optimistic zone above the $17,000 pivot degree. BTC bears have been lively and there was a push beneath the $16,800 support zone.
The worth examined the $16,700 degree and settled beneath the 100 hourly easy transferring common. A low is fashioned close to $16,700 and the worth is now consolidating losses. There was a minor improve above the $16,800 resistance degree.
Bitcoin worth climbed above the 23.6% Fib retracement degree of the current decline from the $17,130 swing excessive to $16,700 low. It is now buying and selling beneath $17,000 and the 100 hourly easy transferring common. There can be a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is close to the $16,920 degree and the bearish development line. It is close to the 50% Fib retracement degree of the current decline from the $17,130 swing excessive to $16,700 low.
Source: BTCUSD on TradingView.com
The first main resistance is close to the $17,000 zone, above which the worth could maybe begin one other regular improve. In the acknowledged case, the worth may rise in the direction of the $17,200 resistance. The subsequent main resistance is close to $17,450, above which the worth rise in the direction of the $18,000 zone within the close to time period.
More Losses in BTC?
If bitcoin fails to begin a recent improve above the $17,000 resistance, there could possibly be extra downsides. An speedy help on the draw back is close to the $16,700 degree.
The subsequent main help is close to the $16,500 zone. A draw back break beneath the $16,500 help may name a drop in the direction of $16,000. Any extra losses may push the worth in the direction of the $15,500 pivot zone within the close to time period.
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 degree.
Major Support Levels – $16,700, adopted by $16,500.
Major Resistance Levels – $16,920, $17,000 and $17,200.
