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Bitcoin value is struggling to clear the $17,000 resistance zone. BTC should keep above $16,000 to keep away from extra losses within the close to time period.

• Bitcoin continues to be consolidating above the $16,350 and $16,000 help ranges.
• The value is buying and selling simply above $16,500 and the 100 hourly easy transferring common.
• There is a significant bearish pattern line forming with resistance close to $16,750 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may begin a restoration wave if it clears the $17,000 resistance zone.

Bitcoin Price Faces Resistance

Bitcoin value made an try to realize energy above the $17,000 resistance zone. However, BTC struggled to stay steady above the $17,000 degree.

The value traded as excessive as $17,098 and not too long ago began a gradual decline. There was a transfer beneath the $16,800 and $16,650 ranges. The value declined beneath the 23.6% Fib retracement degree of the upward transfer from the $15,833 swing low to $17,098 excessive.

The value even spiked beneath the $16,500 degree. However, the bulls have been energetic close to the 50% Fib retracement degree of the upward transfer from the $15,833 swing low to $17,098 excessive.

Bitcoin value is now buying and selling simply above $16,500 and the 100 hourly simple moving average. On the upside, an instantaneous resistance is close to the $16,750 degree. There can be a significant bearish pattern line forming with resistance close to $16,750 on the hourly chart of the BTC/USD pair.

The first main resistance is close to the $17,000 zone. A transparent transfer above the $17,000 resistance may set the tempo for an honest restoration wave.

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to $17,500, above which the value may rise in the direction of the $18,000 zone. Any extra good points may ship the value in the direction of the $18,500 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to realize tempo above the $17,000 resistance zone, it may proceed to maneuver down. An rapid help on the draw back is close to the $16,600 degree and the 100 hourly SMA.

The subsequent main help is close to the $16,350 zone. The major help is close to the $16,000 zone. A transparent transfer beneath the $16,000 help may spark one other main decline within the close to time period.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.

Major Support Levels – $16,350, adopted by $16,000.

Major Resistance Levels – $16,750, $17,000 and $17,500.