Bitcoin worth is slowly shifting decrease from the $17,000 resistance. BTC may proceed to maneuver down in direction of the $16,000 assist 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 beneath $16,700 and the 100 hourly easy shifting common.
- There’s 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 may drop additional if there’s a clear transfer beneath the $16,500 assist zone.
Bitcoin Worth Extends Losses
Bitcoin worth failed to realize tempo above the $17,000 resistance zone. BTC began a contemporary 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 presently consolidating losses. The worth is clearly buying and selling in a bearish zone beneath $16,700 and the 100 hourly easy shifting common.
Bitcoin worth is now dealing with resistance close to the $16,580 stage. It’s near the 23.6% Fib retracement stage of the downward transfer from the $16,961 swing excessive to $16,453 low. There may be additionally a key bearish pattern 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 pattern lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair.
Supply: 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 gentle enhance within the close to time period. The subsequent main resistance is close to $17,200, above which the value rise in direction of the $17,500 resistance zone.
Extra Losses in BTC?
If bitcoin fails to begin 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 stage.
The subsequent main assist is close to the $16,200 stage. A draw back break beneath the $16,200 assist would possibly spark a transfer in direction of the $16,000 stage. Any extra losses would possibly ship the value in 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 stage.
Main Assist Ranges – $16,450, adopted by $16,200.
Main Resistance Ranges – $16,700, $17,000 and $17,200.
