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Bitcoin value declined closely and traded under $17,000. BTC is consolidating losses and stays at a threat of extra losses under the $16,500 help.

• Bitcoin began a recent decline under the $17,200 and $17,000 help ranges.
• The value is buying and selling under $17,000 and the 100 hourly easy transferring common.
• There is a key bearish pattern line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may proceed to maneuver decrease except it clears the 100 hourly SMA.

Bitcoin Price Tumbles

Bitcoin value restarted a fresh decline from the $18,400 zone resistance zone. BTC gained tempo under the $17,500 and $17,200 help ranges. The bears even pushed it under the $17,000 degree and the 100 hourly easy transferring common.

It examined the $16,500 help zone. A low is shaped close to $16,541 and the value is now consolidating losses. It climbed just a few factors increased and traded above the $16,700 degree.

Bitcoin value is now buying and selling under $17,000 and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $16,800 zone. There can be a key bearish pattern line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair.

The first main resistance is close to the $17,000 zone and the 100 hourly easy transferring common. It is close to the 23.6% Fib retracement degree of the downward transfer from the $18,387 swing excessive to $16,541 swing low.

Source: BTCUSD on TradingView.com

A transparent transfer above the $17,000 resistance may name for a transfer in direction of the $17,500 resistance. It is near the 50% Fib retracement degree of the downward transfer from the $18,387 swing excessive to $16,541 swing low. The subsequent main resistance is close to $17,800, above which the value may acquire tempo and rise in direction of the $18,000 degree.

More Losses in BTC?

If bitcoin fails to clear the $17,000 resistance, there might be extra downsides. An speedy help on the draw back is close to the $16,600 degree.

The subsequent main help is close to the $16,500 zone. A draw back break under the $16,500 help may name extra losses. In the said case, the value may decline in direction of the $16,000 help within the close to time period. Any extra losses may ship the value in direction of $15,500.

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 above the 50 degree.

Major Support Levels – $16,600, adopted by $16,500.

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