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Bitcoin worth is slowly shifting decrease from the $17,000 resistance. BTC might proceed to maneuver down in direction of the $16,000 help zone.

• Bitcoin began a recent decline after it did not clear the $17,000 and $17,200 resistance ranges.
• The worth is buying and selling under $16,700 and the 100 hourly easy shifting common.
• There is a key bearish development lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might drop additional if there’s a clear transfer under the $16,500 help zone.

Bitcoin Price Extends Losses

Bitcoin worth failed to achieve tempo above the $17,000 resistance zone. BTC began a recent decline under the $16,800 help zone to maneuver right into a bearish zone.

The worth even traded under the $16,650 help zone and the 100 hourly easy shifting common. It traded as little as $16,453 and is presently consolidating losses. The worth is clearly buying and selling in a bearish zone under $16,700 and the 100 hourly easy shifting common.

Bitcoin worth is now dealing with resistance close to the $16,580 stage. It is near the 23.6% Fib retracement stage of the downward transfer from the $16,961 swing excessive to $16,453 low. There can also be a key bearish development lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair.

The first main resistance is close to the $16,700 zone and the 100 hourly SMA. It is near the 50% key bearish development lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The most important hurdle remains to be close to the $17,000 stage. A correct shut above the $17,000 resistance would possibly begin a gradual improve within the close to time period. The subsequent main resistance is close to $17,200, above which the worth rise in direction of the $17,500 resistance zone.

More Losses in BTC?

If bitcoin fails to begin a restoration wave above the $16,700 resistance, it might proceed to maneuver down. An fast help on the draw back is close to the $16,450 stage.

The subsequent main help is close to the $16,200 stage. A draw back break under the $16,200 help would possibly spark a transfer in direction of the $16,000 stage. Any extra losses would possibly ship the worth in direction of $15,550.

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 stage.

Major Support Levels – $16,450, adopted by $16,200.

Major Resistance Levels – $16,700, $17,000 and $17,200.