Bitcoin value is slowly shifting decrease from the $17,000 resistance. BTC may proceed to maneuver down in the direction of the $16,000 assist zone.
Bitcoin began a recent decline after it didn’t clear the $17,000 and $17,200 resistance ranges.
The worth is buying and selling beneath $16,700 and the 100 hourly easy shifting common.
There’s a key bearish development lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may drop additional if there’s a clear transfer beneath the $16,500 assist zone.
Bitcoin Worth Extends Losses
Bitcoin value failed to realize tempo above the $17,000 resistance zone. BTC began a recent decline beneath the $16,800 assist zone to maneuver right into a bearish zone.
The worth even traded beneath the $16,650 assist zone and the 100 hourly easy shifting common. It traded as little as $16,453 and is at the moment consolidating losses. The worth is clearly buying and selling in a bearish zone beneath $16,700 and the 100 hourly easy shifting common.
Bitcoin value is now going through resistance close to the $16,580 degree. It’s near the 23.6% Fib retracement degree of the downward transfer from the $16,961 swing excessive to $16,453 low. There may be additionally a key bearish development lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair.
The primary main resistance is close to the $16,700 zone and the 100 hourly SMA. It’s near the 50% key bearish development lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
The principle hurdle remains to be close to the $17,000 degree. A correct shut above the $17,000 resistance would possibly begin a gentle 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.
Extra Losses in BTC?
If bitcoin fails to start out a restoration wave above the $16,700 resistance, it may proceed to maneuver down. An instantaneous assist on the draw back is close to the $16,450 degree.
The subsequent main assist is close to the $16,200 degree. A draw back break beneath the $16,200 assist would possibly spark a transfer in the direction of the $16,000 degree. 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 Energy Index) – The RSI for BTC/USD is now beneath the 50 degree.
Main Assist Ranges – $16,450, adopted by $16,200.
Main Resistance Ranges – $16,700, $17,000 and $17,200.
