Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $17K


Bitcoin value declined additional and traded beneath $16,500. BTC is correcting losses, but it surely may wrestle to climb above the $16,700 and $17,000 resistance ranges.

  • Bitcoin prolonged its decline beneath the $17,000 and $16,500 help ranges.
  • The worth is buying and selling beneath $16,800 and the 100 hourly easy shifting common.
  • There’s a connecting bearish development line forming with resistance close to $16,650 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may resume its decline until there’s a clear transfer above $17,000 and the 100 hourly SMA.

Bitcoin Value Indicators Bearish Bias

Bitcoin value settled beneath the $17,200 help degree to maneuver right into a bearish zone. BTC gained tempo beneath the $17,000 and $16,800 help ranges. The worth even declined beneath the $16,500 help and settled beneath the 100 hourly easy shifting common.

It examined the $16,200 zone. A low is shaped close to $16,260 and the value is now correcting losses. There was a minor enhance above the $16,500 resistance zone. The worth climbed above the 50% Fib retracement degree of the latest drop from the $16,865 swing excessive to $16,260 low.

Bitcoin value is now buying and selling beneath $16,800 and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $16,650 zone. There may be additionally a connecting bearish development line forming with resistance close to $16,650 on the hourly chart of the BTC/USD pair.

The development line is close to the 61.8% Fib retracement degree of the latest drop from the $16,865 swing excessive to $16,260 low. The primary main resistance is close to the $16,800 zone and the 100 hourly easy shifting common.

Bitcoin Price

Supply: BTCUSD on TradingView.com

A transparent transfer above the $16,800 resistance would possibly name for a transfer in direction of the $17,000 resistance. The following main resistance is close to $17,240, above which the value would possibly acquire tempo and rise in direction of the $18,000 degree.

Extra Downsides in BTC?

If bitcoin fails to clear the $16,800 resistance, there might be extra downsides. An instantaneous help on the draw back is close to the $16,400 degree.

The following main help is close to the $16,250 zone. A draw back break beneath the $16,250 help would possibly name for a drop in direction of the $16,000 degree. Any extra losses would possibly ship the value in direction of $15,500.

Technical indicators:

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

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

Main Help Ranges – $16,250, adopted by $16,000.

Main Resistance Ranges – $16,650, $16,800 and $17,000.



Source link

Latest articles

Related articles

Leave a reply

Please enter your comment!
Please enter your name here