Bitcoin worth prolonged its decline beneath the $17,000 degree. BTC may keep away from a significant drop if it closes above the $17,000 resistance zone.
- Bitcoin remained in a bearish zone and traded beneath the $17,000 assist.
- The value is buying and selling beneath $17,000 and the 100 hourly easy shifting common.
- There’s a key bearish pattern line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair is displaying a couple of bearish indicators beneath the $17,000 pivot degree.
Bitcoin Worth Is Exhibiting Bearish Indicators
Bitcoin worth failed to remain in a constructive zone above the $17,000 pivot degree. BTC bears had been energetic and there was a push beneath the $16,800 assist zone.
The value examined the $16,700 degree and settled beneath the 100 hourly easy shifting common. A low is shaped close to $16,700 and the worth is now consolidating losses. There was a minor improve above the $16,800 resistance degree.
Bitcoin worth climbed above the 23.6% Fib retracement degree of the latest decline from the $17,130 swing excessive to $16,700 low. It’s now buying and selling beneath $17,000 and the 100 hourly easy shifting common. There’s additionally a key bearish pattern line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair.
On the upside, an instantaneous resistance is close to the $16,920 degree and the bearish pattern line. It’s close to the 50% Fib retracement degree of the latest decline from the $17,130 swing excessive to $16,700 low.
Supply: BTCUSD on TradingView.com
The primary main resistance is close to the $17,000 zone, above which the worth might maybe begin one other regular improve. Within the acknowledged case, the worth may rise in the direction of the $17,200 resistance. The following main resistance is close to $17,450, above which the worth rise in the direction of the $18,000 zone within the close to time period.
Extra Losses in BTC?
If bitcoin fails to start out a recent improve above the $17,000 resistance, there might be extra downsides. An instantaneous assist on the draw back is close to the $16,700 degree.
The following main assist is close to the $16,500 zone. A draw back break beneath the $16,500 assist would possibly name a drop in the direction of $16,000. Any extra losses would possibly push the worth in the direction of the $15,500 pivot zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now close to the 50 degree.
Main Help Ranges – $16,700, adopted by $16,500.
Main Resistance Ranges – $16,920, $17,000 and $17,200.
