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Bitcoin price is slowly falling from the resistance at $17,000. BTC may continue to slide towards the $16,000 support zone.
Bitcoin started a fresh decline after failing to clear the resistance levels of $17,000 and $17,200. The price is trading below $16,700 and the 100 hourly simple moving average. A key downtrend is forming with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could drop further if there is a clear move below the $16,500 support zone. Bitcoin Price Extends Losses
Bitcoin price failed to break above the $17,000 resistance zone. BTC started a further decline below the $16,800 support zone to move into a bearish zone.
The price even traded below the $16,650 support zone and the 100 hourly simple moving average. It traded as low as $16,453 and is currently consolidating its losses. The price is clearly trading in a bearish zone below $16,700 and the 100 hourly simple moving average.
Bitcoin price is now facing resistance near the $16,580 level. It is near the 23.6% Fib retracement level of the downward swing move from the $16,961 swing low to $16,453 low. There is also a key downtrend forming with resistance near $16,600 on the hourly chart of the BTC/USD pair.
The first major resistance is seen near the $16,700 area and the 100 hourly SMA. It is near the formation of the key 50% downtrend with resistance near $16,600 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The main hurdle is still near the $17,000 level. A proper close above the $17,000 resistance could initiate a steady near-term rise. The next major resistance is near $17,200, above which the price rises towards the $17,500 resistance zone.
More losses in BTC?
If bitcoin fails to start a wave of recovery above the $16,700 resistance, it could continue lower. An immediate support on the downside is near the $16,450 level.
The next major support is near the $16,200 level. A break down below the $16,200 support could trigger a move towards the $16,000 level. Any further losses could push the price up towards $15,550.
Technical indicators:
Hourly MACD The MACD is now accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now below the 50 level.
Main support levels $16,450, followed by $16,200.
Major resistance levels $16,700, $17,000 and $17,200.
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Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiQmh0dHBzOi8vbmV3c2J0Yy5jb20vYW5hbHlzaXMvYnRjL2JpdGNvaW4tcHJpY2UtZ3JpbmRzLWxvd2VyLTE2ay0yL9IBRmh0dHBzOi8vbmV3c2J0Yy5jb20vYW5hbHlzaXMvYnRjL2JpdGNvaW4tcHJpY2UtZ3JpbmRzLWxvd2VyLTE2ay0yL2FtcC8?oc=5 The mention sources can contact us to remove/changing this article |
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