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Bitcoin value is slowly transferring decrease in the direction of $15,500. BTC stays at a threat of extra losses until it settles above the $17,000 resistance zone.

• Bitcoin began a contemporary decline beneath the $16,500 and $16,400 ranges.
• The value is buying and selling beneath $16,500 and the 100 hourly easy transferring common.
• There is a key bearish development line forming with resistance close to $16,390 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might begin an honest improve if there’s a transfer above the $16,500 resistance zone.

Bitcoin Price Restarts Decline

Bitcoin value failed to realize tempo above the $17,000 resistance. BTC struggled to remain above the $16,650 degree and began a contemporary decline.

The latest swing excessive was shaped close to $16,795 earlier than the worth dropped beneath the $16,500 assist. There was a detailed beneath the $16,500 zone and the 100 hourly simple moving average. The bears even pushed the worth in the direction of the $16,150 degree.

A low is shaped close to $16,156 and the worth is now consolidating losses. On the upside, an instantaneous resistance is close to the $16,300 degree. It is close to the 23.6% Fib retracement degree of the latest decline from the $16,795 swing excessive to $16,156 low.

The first main resistance is close to the $16,400 zone. There can be a key bearish development line forming with resistance close to $16,390 on the hourly chart of the BTC/USD pair. The subsequent main resistance is close to the $16,500 degree. It is close to the 50% Fib retracement degree of the latest decline from the $16,795 swing excessive to $16,156 low.

Source: BTCUSD on TradingView.com

Bitcoin value should clear the development line resistance after which the 100 hourly easy transferring common to maneuver right into a optimistic zone. The subsequent main resistance is close to $17,000, above which the worth might acquire tempo for a transfer in the direction of the $18,000 zone.

More Losses in BTC?

If bitcoin fails to realize tempo above the $16,400 resistance zone, it might proceed to maneuver down. An speedy assist on the draw back is close to the $16,150 degree.

The subsequent main assist is close to the $16,000 zone, beneath which the worth would possibly check the important thing assist at $15,500. A transparent transfer beneath the $15,500 assist would possibly ship the worth additional decrease.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now within the oversold zone.

Major Support Levels – $16,150, adopted by $16,000.

Major Resistance Levels – $16,350, $16,400 and $16,500.