Bitcoin worth is going through resistance close to $17,000. BTC may begin one other decline except there’s a robust transfer above the $17,000 resistance zone.
Bitcoin recovered larger above the $16,800 resistance zone.
The worth is buying and selling above $16,800 and the 100 hourly easy shifting common.
There’s a rising channel forming with resistance close to $17,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair may resume its decline except there’s a shut above the $17,000 resistance zone.
Bitcoin Worth Faces Resistance
Bitcoin worth discovered help close to the $16,250 zone. BTC traded as little as $16,260 and began a restoration wave. There was a transparent transfer above the $16,500 and $16,600 ranges.
The bulls had been capable of push the worth above the $16,800 resistance and the 100 hourly easy shifting common. The worth even spiked above the $17,000 resistance, however upsides had been restricted. A excessive was shaped close to $17,067 and the worth is now buying and selling in a variety.
Bitcoin worth declined under the 23.6% Fib retracement degree of the upward transfer from the $16,260 swing low to $17,067 excessive. It’s now buying and selling above $16,800 and the 100 hourly easy shifting common.
There may be additionally a rising channel forming with resistance close to $17,000 on the hourly chart of the BTC/USD pair. On the upside, a right away resistance is close to the $17,000 zone. The primary main resistance is close to the $17,200 zone. A transparent transfer above the $17,200 resistance may name for a transfer in direction of the $17,500 resistance.
Supply: BTCUSD on TradingView.com
The following main resistance is close to $18,000, above which the worth may acquire tempo and rise in direction of the $18,450 resistance zone within the coming classes.
Contemporary Decline in BTC?
If bitcoin fails to clear the $17,000 resistance, there might be a contemporary decline. A direct help on the draw back is close to the $16,800 degree and the channel pattern line.
The following main help is close to the $16,650 zone. It’s near the 50% Fib retracement degree of the upward transfer from the $16,260 swing low to $17,067 excessive. A draw back break under the $16,650 help may name for a drop in direction of the $16,260 degree. Any extra losses may ship the worth in direction of $16,000.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.
Main Assist Ranges – $16,800, adopted by $16,650.
Main Resistance Ranges – $17,000, $17,200 and $17,500.
