Bitcoin price is struggling to clear the $17,000 resistance. BTC remains at a risk of more downsides below the $16,000 support zone before the year end.
Bitcoin is showing bearish signs below the $17,000 and $17,200 resistance levels.
The price is trading below $16,700 and the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could resume its decline if it stays below the $17,000 resistance zone.
Bitcoin price gained pace below the $16,800 support zone. BTC even extended its decline below the $16,700 level and the 100 hourly simple moving average.
The price traded as low as $16,453 and is currently correcting losses. There was a move above the $16,500 and $16,550 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.
There was also a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair. However, bitcoin price is now trading below $16,700 and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $16,650 level. The first major resistance is near the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.
Source: BTCUSD on TradingView.com
The key breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance might start a steady increase in the near term. The next major resistance is near $17,500, above which the price rise towards the $18,000 resistance zone.
If bitcoin fails to start a recovery wave above the $16,700 resistance, it could start another decline. An immediate support on the downside is near the $16,450 level or the recent low.
The next major support is near the $16,250 level. A clear move below the $16,250 support might spark a move towards the $16,000 level. Any more losses might send the price towards $15,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $16,450, followed by $16,250.
Major Resistance Levels – $16,700, $17,000 and $17,200.
Bitcoin price is struggling to clear the $17,000 resistance. BTC remains at a risk of more downsides below the $16,000 support zone before the year end.
Bitcoin is showing bearish signs below the $17,000 and $17,200 resistance levels.
The price is trading below $16,700 and the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could resume its decline if it stays below the $17,000 resistance zone.
Bitcoin price gained pace below the $16,800 support zone. BTC even extended its decline below the $16,700 level and the 100 hourly simple moving average.
The price traded as low as $16,453 and is currently correcting losses. There was a move above the $16,500 and $16,550 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.
There was also a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair. However, bitcoin price is now trading below $16,700 and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $16,650 level. The first major resistance is near the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.
Source: BTCUSD on TradingView.com
The key breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance might start a steady increase in the near term. The next major resistance is near $17,500, above which the price rise towards the $18,000 resistance zone.
If bitcoin fails to start a recovery wave above the $16,700 resistance, it could start another decline. An immediate support on the downside is near the $16,450 level or the recent low.
The next major support is near the $16,250 level. A clear move below the $16,250 support might spark a move towards the $16,000 level. Any more losses might send the price towards $15,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $16,450, followed by $16,250.
Major Resistance Levels – $16,700, $17,000 and $17,200.
Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
NewsBTCRead More
According to data from CoinMarketCap, Bitcoin rose by 2.9% on Friday to trade above $67,000…
The cryptocurrency market has been on a hot streak in the past few days, with…
Crypto expert Willy Woo has predicted that Bitcoin will still make significant moves to the…
According to Ki Young Ju, CEO of CryptoQuant, the Bitcoin current market dynamics suggest a…
Point72, the $34 billion hedge fund of billionaire and owner of the New York Mets,…
Recent data from Santiment indicates a noticeable decrease in Bitcoin whale activity, reaching the lowest…
