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Bitcoin worth is struggling to clear the $17,000 resistance. BTC stays at a danger of extra downsides under the $16,000 help zone earlier than the yr finish.

• Bitcoin is exhibiting bearish indicators under 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 was a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might resume its decline if it stays under the $17,000 resistance zone.

Bitcoin Price Faces Resistance

Bitcoin worth gained tempo under the $16,800 help zone. BTC even extended its decline under the $16,700 stage and the 100 hourly easy shifting common.

The worth traded as little as $16,453 and is presently correcting losses. There was a transfer above the $16,500 and $16,550 ranges. The worth climbed above the 23.6% Fib retracement stage of the latest decline from the $16,960 swing excessive to $16,453 low.

There was additionally a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair. However, bitcoin worth is now buying and selling under $16,700 and the 100 hourly simple moving average.

On the upside, a right away resistance is close to the $16,650 stage. The first main resistance is close to the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement stage of the latest decline from the $16,960 swing excessive to $16,453 low.

Source: BTCUSD on TradingView.com

The key breakout zone continues to be close to the $17,000 stage. A transparent transfer above the $17,000 resistance would possibly begin a gentle improve within the close to time period. The subsequent main resistance is close to $17,500, above which the value rise in the direction of the $18,000 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to begin a restoration wave above the $16,700 resistance, it might begin one other decline. An quick help on the draw back is close to the $16,450 stage or the latest low.

The subsequent main help is close to the $16,250 stage. A transparent transfer under the $16,250 help would possibly spark a transfer in the direction of the $16,000 stage. Any extra losses would possibly ship the value in the direction of $15,500.

Technical indicators:

Hourly MACD – The MACD is now shedding 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 – $16,450, adopted by $16,250.

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