Bitcoin worth continued to say no and traded under $16,500. BTC is correcting losses, but it surely would possibly wrestle to scale above the $16,700 and $17,000 resistance ranges.
- Bitcoin prolonged its decline under the $17,000 and $16,500 assist ranges.
- The worth is buying and selling under $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 (information feed by Kraken).
- The pair may proceed its decline until there’s a clear transfer above $17,000 and the 100 hourly SMA.
Bitcoin worth alerts bearish development
Bitcoin worth settled under the $17,200 assist stage to maneuver right into a bearish zone. BTC gained tempo under the $17,000 and $16,800 assist ranges. The worth even dropped under the $16,500 assist and settled under the 100 hourly easy shifting common.
It examined the $16,200 zone. A low is forming close to $16,260 and the value is now correcting losses. There was a minor surge above the $16,500 resistance zone. The worth climbed above the 50% Fib retracement stage of the current decline from the $16,865 excessive to the $16,260 low.
Bitcoin worth is now buying and selling under $16,800 and the 100 hourly easy shifting common. On the upside, there may be fast resistance 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 stage of the current decline 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.
Supply: BTCUSD on TradingView.com
A transparent transfer above the $16,800 resistance would possibly require a transfer in direction of the $17,000 resistance. The following main resistance is at $17,240, above which the value may collect momentum and climb in direction of $18,000.
Different downsides to BTC?
If bitcoin fails to clear the $16,800 resistance, there may very well be extra downsides. Speedy assist on the draw back is close to $16,400.
The following main assist is close to the $16,250 zone. A draw back break under the $16,250 assist would possibly require a decline in direction of $16,000. Additional losses may propel the value in direction of $15,500.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now close to the 50 stage.
Key Help Ranges – $16,250 adopted by $16,000.
Main resistance ranges – $16,650, $16,800 and $17,000.
