Bitcoin worth declined additional and traded beneath $16,500. BTC is correcting losses, but it surely may wrestle to climb above the $16,700 and $17,000 resistance ranges.
- Bitcoin prolonged its decline beneath the $17,000 and $16,500 assist ranges.
- The worth is buying and selling beneath $16,800 and the 100 hourly easy shifting common.
- There’s a connecting bearish development line forming with resistance close to $16,650 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may resume its decline except there’s a clear transfer above $17,000 and the 100 hourly SMA.
Bitcoin Worth Indicators Bearish Bias
Bitcoin worth settled beneath the $17,200 assist stage to maneuver right into a bearish zone. BTC gained tempo beneath the $17,000 and $16,800 assist ranges. The worth even declined beneath the $16,500 assist and settled beneath the 100 hourly easy shifting common.
It examined the $16,200 zone. A low is shaped close to $16,260 and the value is now correcting losses. There was a minor enhance above the $16,500 resistance zone. The worth climbed above the 50% Fib retracement stage of the latest drop from the $16,865 swing excessive to $16,260 low.
Bitcoin worth is now buying and selling beneath $16,800 and the 100 hourly easy shifting common. On the upside, a right away resistance is close to the $16,650 zone. There may be additionally a connecting bearish development line forming with resistance close to $16,650 on the hourly chart of the BTC/USD pair.
The development line is close to the 61.8% Fib retracement stage of the latest drop from the $16,865 swing excessive to $16,260 low. The primary main resistance is close to the $16,800 zone and the 100 hourly easy shifting common.
Supply: BTCUSD on TradingView.com
A transparent transfer above the $16,800 resistance may name for a transfer in the direction of the $17,000 resistance. The subsequent main resistance is close to $17,240, above which the value may acquire tempo and rise in the direction of the $18,000 stage.
Extra Downsides in BTC?
If bitcoin fails to clear the $16,800 resistance, there may very well be extra downsides. An instantaneous assist on the draw back is close to the $16,400 stage.
The subsequent main assist is close to the $16,250 zone. A draw back break beneath the $16,250 assist may name for a drop in the direction of the $16,000 stage. Any extra losses may ship the value 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 stage.
Main Help Ranges – $16,250, adopted by $16,000.
Main Resistance Ranges – $16,650, $16,800 and $17,000.
