Bitcoin Price Grinds Lower, Why The Bears Are Not Done Yet


Bitcoin worth is slowly transferring decrease in the direction of $15,500. BTC stays at a danger of extra losses except it settles above the $17,000 resistance zone.

  • Bitcoin began a recent decline under the $16,500 and $16,400 ranges.
  • The worth is buying and selling under $16,500 and the 100 hourly easy transferring common.
  • There’s a key bearish development line forming with resistance close to $16,390 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might begin a good improve if there’s a transfer above the $16,500 resistance zone.

Bitcoin Worth Restarts Decline

Bitcoin worth failed to realize tempo above the $17,000 resistance. BTC struggled to remain above the $16,650 degree and began a recent decline.

The latest swing excessive was fashioned close to $16,795 earlier than the worth dropped under the $16,500 help. There was an in depth under the $16,500 zone and the 100 hourly simple moving average. The bears even pushed the worth in the direction of the $16,150 degree.

A low is fashioned close to $16,156 and the worth is now consolidating losses. On the upside, an instantaneous resistance is close to the $16,300 degree. It’s close to the 23.6% Fib retracement degree of the latest decline from the $16,795 swing excessive to $16,156 low.

The primary main resistance is close to the $16,400 zone. There may be additionally a key bearish development line forming with resistance close to $16,390 on the hourly chart of the BTC/USD pair. The subsequent main resistance is close to the $16,500 degree. It’s close to the 50% Fib retracement degree of the latest decline from the $16,795 swing excessive to $16,156 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

Bitcoin worth should clear the development line resistance after which the 100 hourly easy transferring common to maneuver right into a optimistic zone. The subsequent main resistance is close to $17,000, above which the worth might achieve tempo for a transfer in the direction of the $18,000 zone.

Extra Losses in BTC?

If bitcoin fails to realize tempo above the $16,400 resistance zone, it might proceed to maneuver down. A direct help on the draw back is close to the $16,150 degree.

The subsequent main help is close to the $16,000 zone, under which the worth would possibly take a look at the important thing help at $15,500. A transparent transfer under the $15,500 help would possibly ship the worth additional decrease.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now within the oversold zone.

Main Assist Ranges – $16,150, adopted by $16,000.

Main Resistance Ranges – $16,350, $16,400 and $16,500.



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