Blog

Bitcoin worth prolonged its decline beneath the $17,000 stage. BTC might keep away from a serious drop if it closes above the $17,000 resistance zone.

• Bitcoin remained in a bearish zone and traded beneath the $17,000 help.
• The worth is buying and selling beneath $17,000 and the 100 hourly easy transferring common.
• There is a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair is exhibiting a number of bearish indicators beneath the $17,000 pivot stage.

Bitcoin Price Is Showing Bearish Signs

Bitcoin worth failed to remain in a optimistic zone above the $17,000 pivot stage. BTC bears have been lively and there was a push beneath the $16,800 support zone.

The worth examined the $16,700 stage and settled beneath the 100 hourly easy transferring common. A low is shaped close to $16,700 and the value is now consolidating losses. There was a minor improve above the $16,800 resistance stage.

Bitcoin worth climbed above the 23.6% Fib retracement stage of the current decline from the $17,130 swing excessive to $16,700 low. It is now buying and selling beneath $17,000 and the 100 hourly easy transferring common. There can also be a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is close to the $16,920 stage and the bearish development line. It is close to the 50% Fib retracement stage of the current decline from the $17,130 swing excessive to $16,700 low.

Source: BTCUSD on TradingView.com

The first main resistance is close to the $17,000 zone, above which the value might maybe begin one other regular improve. In the said case, the value might rise in the direction of the $17,200 resistance. The subsequent main resistance is close to $17,450, above which the value rise in the direction of the $18,000 zone within the close to time period.

More Losses in BTC?

If bitcoin fails to start out a contemporary improve above the $17,000 resistance, there could possibly be extra downsides. An fast help on the draw back is close to the $16,700 stage.

The subsequent main help is close to the $16,500 zone. A draw back break beneath the $16,500 help may name a drop in the direction of $16,000. Any extra losses may push the value in the direction of the $15,500 pivot zone within the close to time period.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 stage.

Major Support Levels – $16,700, adopted by $16,500.

Major Resistance Levels – $16,920, $17,000 and $17,200.