Bitcoin Price Consolidates In Key Range, What Could Trigger Next Move

Bitcoin worth remains to be dealing with resistance under $17,000. BTC may decline closely if there’s a clear transfer under the $16,000 help zone.

• Bitcoin remains to be exhibiting bearish indicators under 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 (information feed from Kraken).
• The pair may resume its decline if there’s a clear transfer under the $16,000 help.

Bitcoin Value Stays In Downtrend

Bitcoin worth spiked under the $16,500 help zone. Nevertheless, BTC bulls have been lively 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. Nevertheless, the bears have been lively close to the $16,680 zone. A excessive was shaped close to $16,683 and the worth corrected decrease.

Bitcoin worth declined under 23.6% Fib retracement stage of the upward transfer from the $16,325 low to $16,683 excessive. It discovered help 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. Additionally it is above $16,500 and the 100 hourly easy transferring common. On the upside, a right away resistance is close to the $16,600 stage.

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $16,680 zone. The subsequent main resistance is close to the $16,800 stage. The important thing breakout zone remains to be close to the $17,000 stage. A transparent transfer above the $17,000 resistance would possibly begin a contemporary improve within the close to time period.

Recent Decline in BTC?

If bitcoin fails to start out a restoration wave above the $16,650 resistance, it may begin one other decline. A direct help on the draw back is close to the $16,500 stage.

The subsequent main help is close to the $16,350 stage. A transparent transfer under the $16,350 help would possibly spark a transfer in the direction of the $16,000 stage. Any extra losses would possibly ship the worth in the direction of $15,500.

Technical indicators:

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

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

Main Assist Ranges – $16,500, adopted by $16,350.

Main Resistance Ranges – $16,600, $16,800 and $17,000.