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Bitcoin worth continues to be going through resistance beneath $17,000. BTC might decline closely if there’s a clear transfer beneath the $16,000 assist zone.

• Bitcoin continues to be exhibiting bearish indicators beneath the $16,800 and $17,000 resistance ranges.
• The worth is buying and selling above $16,500 and the 100 hourly easy transferring common.
• There was a break above a key bearish development line with resistance close to $16,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might resume its decline if there’s a clear transfer beneath the $16,000 assist.

Bitcoin Price Remains In Downtrend

Bitcoin worth spiked beneath the $16,500 support zone. However, BTC bulls had been energetic above the $16,200 stage. The worth traded as little as $16,325 and not too long ago began an upside correction.

There was a minor restoration wave above the $16,500 stage. The worth climbed above the $16,600 stage and the 100 hourly easy transferring common. However, the bears had been energetic close to the $16,680 zone. A excessive was shaped close to $16,683 and the value corrected decrease.

Bitcoin worth declined beneath 23.6% Fib retracement stage of the upward transfer from the $16,325 low to $16,683 excessive. It discovered assist close to the $16,500 stage.

The worth is buying and selling above the 50% Fib retracement stage of the upward transfer from the $16,325 low to $16,683 excessive. It can be above $16,500 and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $16,600 stage.

Source: BTCUSD on TradingView.com

The first main resistance is close to the $16,680 zone. The subsequent main resistance is close to the $16,800 stage. 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 recent enhance within the close to time period.

Fresh Decline in BTC?

If bitcoin fails to start out a restoration wave above the $16,650 resistance, it might begin one other decline. An fast assist on the draw back is close to the $16,500 stage.

The subsequent main assist is close to the $16,350 stage. A transparent transfer beneath the $16,350 assist 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 bullish zone.

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

Major Support Levels – $16,500, adopted by $16,350.

Major Resistance Levels – $16,600, $16,800 and $17,000.