This Scenario Will Trigger A Fresh Drop


Bitcoin worth struggled to clear the $16,800 resistance. BTC is shifting decrease and there’s a danger of extra losses under the $16,000 help zone.

  • Bitcoin tried an upside break above the $16,800 resistance, however failed.
  • The value is buying and selling under $16,500 and the 100 hourly easy shifting common.
  • There’s a main bearish development line forming with resistance close to $16,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might proceed to say no if it breaks the $16,000 help zone.

Bitcoin Value Faces Rejection

Bitcoin price attempted an upside break above the $16,800 resistance zone. BTC struggled to realize tempo for a transfer above the $16,800 resistance and fashioned a double high sample.

There was a sluggish and regular decline from the $16,791 excessive. There was a transfer under the $16,500 and $16,400 ranges. The bears have been in a position to push the value under the 23.6% Fib retracement degree of the upward transfer from the $15,470 swing low to $16,790 excessive.

Bitcoin worth is now buying and selling under $16,500 and the 100 hourly simple moving average. There may be additionally a significant bearish development line forming with resistance close to $16,550 on the hourly chart of the BTC/USD pair.

The value is now consolidating close to the 50% Fib retracement degree of the upward transfer from the $15,470 swing low to $16,790 excessive. On the upside, a right away resistance is close to the $16,300 degree.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $16,500 zone, the 100 hourly easy shifting common, and the highlighted bearish development line. A profitable transfer above the $16,500 resistance may ship the value additional larger. The subsequent main resistance is close to $16,800, above which the value might acquire tempo for a transfer in direction of the $17,500 zone.

Extra Losses in BTC?

If bitcoin fails to climb above the $16,500 resistance, it might proceed to maneuver down. A direct help on the draw back is close to the $16,100 degree.

The subsequent main help is close to the $16,000 zone, under which the value may acquire bearish momentum. Within the said case, the value may drop in direction of the $15,500 help zone.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 50 degree.

Main Help Ranges – $16,100, adopted by $16,000.

Main Resistance Ranges – $16,500, $16,800 and $17,000.



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