Bitcoin worth is slowly shifting decrease from the $17,000 resistance. BTC might proceed to maneuver down in the direction of the $16,000 help zone.
- Bitcoin began a contemporary decline after it didn’t clear the $17,000 and $17,200 resistance ranges.
- The worth is buying and selling under $16,700 and the 100 hourly easy shifting common.
- There is a key bearish pattern lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might drop additional if there’s a clear transfer under the $16,500 help zone.
Bitcoin Price Extends Losses
Bitcoin worth failed to achieve tempo above the $17,000 resistance zone. BTC began a contemporary decline under the $16,800 help zone to maneuver right into a bearish zone.
The worth even traded under the $16,650 help zone and the 100 hourly easy shifting common. It traded as little as $16,453 and is at present consolidating losses. The worth is clearly buying and selling in a bearish zone under $16,700 and the 100 hourly easy shifting common.
Bitcoin worth is now dealing with resistance close to the $16,580 stage. It is near the 23.6% Fib retracement stage of the downward transfer from the $16,961 swing excessive to $16,453 low. There can also be a key bearish pattern lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair.
The first main resistance is close to the $16,700 zone and the 100 hourly SMA. It is near the 50% key bearish pattern lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The primary hurdle continues to be close to the $17,000 stage. A correct shut above the $17,000 resistance would possibly begin a gradual enhance within the close to time period. The subsequent main resistance is close to $17,200, above which the worth rise in the direction of the $17,500 resistance zone.
More Losses in BTC?
If bitcoin fails to start out a restoration wave above the $16,700 resistance, it might proceed to maneuver down. An fast help on the draw back is close to the $16,450 stage.
The subsequent main help is close to the $16,200 stage. A draw back break under the $16,200 help would possibly spark a transfer in the direction of the $16,000 stage. Any extra losses would possibly ship the worth in the direction of $15,550.
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 under the 50 stage.
Major Support Levels – $16,450, adopted by $16,200.
Major Resistance Levels – $16,700, $17,000 and $17,200.
