Bitcoin worth is struggling to clear the $17,000 resistance. BTC stays at a danger of extra downsides under the $16,000 help zone earlier than the 12 months finish.
Bitcoin is exhibiting bearish indicators under the $17,000 and $17,200 resistance ranges.
The worth is buying and selling under $16,700 and the 100 hourly easy transferring common.
There was a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair might resume its decline if it stays under the $17,000 resistance zone.
Bitcoin Value Faces Resistance
Bitcoin worth gained tempo under the $16,800 help zone. BTC even prolonged its decline under the $16,700 stage and the 100 hourly easy transferring common.
The worth traded as little as $16,453 and is at the moment correcting losses. There was a transfer above the $16,500 and $16,550 ranges. The worth climbed above the 23.6% Fib retracement stage of the current decline from the $16,960 swing excessive to $16,453 low.
There was additionally a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair. Nonetheless, bitcoin worth is now buying and selling under $16,700 and the 100 hourly easy transferring common.
On the upside, a direct resistance is close to the $16,650 stage. The primary main resistance is close to the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement stage of the current decline from the $16,960 swing excessive to $16,453 low.
Supply: BTCUSD on TradingView.com
The important thing breakout zone continues to be close to the $17,000 stage. A transparent transfer above the $17,000 resistance would possibly begin a gradual enhance within the close to time period. The following main resistance is close to $17,500, above which the worth rise in the direction of the $18,000 resistance zone.
Recent Decline in BTC?
If bitcoin fails to begin a restoration wave above the $16,700 resistance, it might begin one other decline. A direct help on the draw back is close to the $16,450 stage or the current low.
The following main help is close to the $16,250 stage. A transparent transfer under the $16,250 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 $15,500.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now close to the 50 stage.
Main Assist Ranges – $16,450, adopted by $16,250.
Main Resistance Ranges – $16,700, $17,000 and $17,200.
