Bitcoin worth continues to be struggling beneath $17,000. BTC stays at a threat of a recent decline until there’s a clear transfer above the $17,200 resistance zone.
- Bitcoin is dealing with a powerful resistance close to $17,000 and $17,200.
- The worth is buying and selling above $16,800 and the 100 hourly easy transferring common.
- There is a brand new declining channel forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might try a restoration wave if there’s a clear transfer above the $17,200 resistance zone.
Bitcoin Price Struggle Continues
Bitcoin price started an upside correction from the $16,250 zone. BTC managed to recuperate just a few factors and was in a position to settle above the $16,600 degree.
There was a transparent transfer above the $16,800 resistance and the 100 hourly easy transferring common. The worth even tried a rise above the $17,000 resistance, however the bears had been lively. A excessive was shaped close to $17,067 and the worth is consolidating in a spread.
There was a minor decline beneath the 23.6% Fib retracement degree of the upward wave from the $16,261 swing low to $17,067 excessive. Bitcoin worth is now buying and selling above $16,800 and the 100 hourly easy transferring common.
On the upside, an instantaneous resistance is close to the $16,900 zone. There can also be a brand new declining channel forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair. The first major resistance is close to the $17,000 zone.
Source: BTCUSD on TradingView.com
The major hurdle appears to be forming close to the $17,200 and $17,250 ranges. A transparent transfer above the $17,250 resistance may name for a transfer in direction of the $17,500 resistance. The subsequent main resistance is close to $18,000, above which the worth climb in direction of the $18,450 resistance zone.
Fresh Drop in BTC?
If bitcoin fails to clear the $17,200 resistance, there could possibly be a recent drop. An instant help on the draw back is close to the $16,700 degree and the channel pattern line.
The subsequent main help is close to the $16,625 degree or the 50% Fib retracement degree of the upward wave from the $16,261 swing low to $17,067 excessive. A draw back break beneath the $16,625 help may name for a transfer in direction of the $16,370 degree. Any extra losses may ship the worth in direction of $16,000.
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 degree.
Major Support Levels – $16,700, adopted by $16,370.
Major Resistance Levels – $17,000, $17,200 and $17,500.
