Bitcoin worth is struggling to clear the $17,000 resistance. BTC stays at a threat of extra downsides under the $16,000 assist zone earlier than the 12 months finish.
- Bitcoin is displaying 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 (information feed from Kraken).
- The pair may resume its decline if it stays under the $17,000 resistance zone.
Bitcoin Value Faces Resistance
Bitcoin worth gained tempo under the $16,800 assist zone. BTC even prolonged its decline under the $16,700 degree and the 100 hourly easy transferring common.
The worth traded as little as $16,453 and is at present correcting losses. There was a transfer above the $16,500 and $16,550 ranges. The worth climbed above the 23.6% Fib retracement degree of the latest 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. Nevertheless, bitcoin worth is now buying and selling under $16,700 and the 100 hourly easy transferring common.
On the upside, an instantaneous resistance is close to the $16,650 degree. The primary main resistance is close to the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement degree of the latest decline from the $16,960 swing excessive to $16,453 low.
Supply: BTCUSD on TradingView.com
The important thing breakout zone remains to be close to the $17,000 degree. A transparent transfer above the $17,000 resistance may begin a gradual enhance within the close to time period. The subsequent main resistance is close to $17,500, above which the worth rise in the direction of the $18,000 resistance zone.
Contemporary Decline in BTC?
If bitcoin fails to start out a restoration wave above the $16,700 resistance, it may begin one other decline. A right away assist on the draw back is close to the $16,450 degree or the latest low.
The subsequent main assist is close to the $16,250 degree. A transparent transfer under the $16,250 assist may spark a transfer in the direction of the $16,000 degree. Any extra losses may 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 Power Index) – The RSI for BTC/USD is now close to the 50 degree.
Main Assist Ranges – $16,450, adopted by $16,250.
Main Resistance Ranges – $16,700, $17,000 and $17,200.