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Bitcoin worth struggled to clear the $16,800 resistance. BTC is shifting decrease and there’s a danger of extra losses under the $16,000 assist zone.

• Bitcoin tried an upside break above the $16,800 resistance, however failed.
• The worth is buying and selling under $16,500 and the 100 hourly easy shifting common.
• There is a serious bearish development line forming with resistance close to $16,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may proceed to say no if it breaks the $16,000 assist zone.

Bitcoin Price Faces Rejection

Bitcoin price attempted an upside break above the $16,800 resistance zone. BTC struggled to achieve tempo for a transfer above the $16,800 resistance and shaped a double prime sample.

There was a gradual and regular decline from the $16,791 excessive. There was a transfer under the $16,500 and $16,400 ranges. The bears had been capable of push the worth under the 23.6% Fib retracement degree of the upward transfer from the $15,470 swing low to $16,790 excessive.

Bitcoin worth is now buying and selling under $16,500 and the 100 hourly simple moving average. There can be a serious bearish development line forming with resistance close to $16,550 on the hourly chart of the BTC/USD pair.

The worth is now consolidating close to the 50% Fib retracement degree of the upward transfer from the $15,470 swing low to $16,790 excessive. On the upside, a right away resistance is close to the $16,300 degree.

Source: BTCUSD on TradingView.com

The first main resistance is close to the $16,500 zone, the 100 hourly easy shifting common, and the highlighted bearish development line. A profitable transfer above the $16,500 resistance may ship the worth additional greater. The subsequent main resistance is close to $16,800, above which the worth may acquire tempo for a transfer in the direction of the $17,500 zone.

More Losses in BTC?

If bitcoin fails to climb above the $16,500 resistance, it may proceed to maneuver down. An rapid assist on the draw back is close to the $16,100 degree.

The subsequent main assist is close to the $16,000 zone, under which the worth may acquire bearish momentum. In the said case, the worth may drop in the direction of the $15,500 assist zone.

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 under the 50 degree.

Major Support Levels – $16,100, adopted by $16,000.

Major Resistance Levels – $16,500, $16,800 and $17,000.