Analysis

Bitcoin Price Could Avoid Another Downtrend if it Closes Above One Key Level

Bitcoin value prolonged its decline under the $17,000 degree. BTC might keep away from a significant drop if it closes above the $17,000 resistance zone.

  • Bitcoin remained in a bearish zone and traded under the $17,000 help.
  • The value is buying and selling under $17,000 and the 100 hourly easy transferring common.
  • There’s a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is displaying just a few bearish indicators under the $17,000 pivot degree.

Bitcoin Value Is Displaying Bearish Indicators

Bitcoin value failed to remain in a constructive zone above the $17,000 pivot degree. BTC bears had been lively and there was a push under the $16,800 help zone.

The value examined the $16,700 degree and settled under the 100 hourly easy transferring common. A low is shaped close to $16,700 and the worth is now consolidating losses. There was a minor enhance above the $16,800 resistance degree.

Bitcoin value climbed above the 23.6% Fib retracement degree of the current decline from the $17,130 swing excessive to $16,700 low. It’s now buying and selling under $17,000 and the 100 hourly easy transferring common. There may be additionally a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair.

On the upside, a right away resistance is close to the $16,920 degree and the bearish development line. It’s close to the 50% Fib retracement degree of the current decline from the $17,130 swing excessive to $16,700 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $17,000 zone, above which the worth might maybe begin one other regular enhance. Within the acknowledged case, the worth might rise in the direction of the $17,200 resistance. The subsequent main resistance is close to $17,450, above which the worth rise in the direction of the $18,000 zone within the close to time period.

Extra Losses in BTC?

If bitcoin fails to begin a contemporary enhance above the $17,000 resistance, there may very well be extra downsides. An instantaneous help on the draw back is close to the $16,700 degree.

The subsequent main help is close to the $16,500 zone. A draw back break under the $16,500 help would possibly name a drop in the direction of $16,000. Any extra losses would possibly push the worth in the direction of the $15,500 pivot zone within the close to time period.

Technical indicators:

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

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

Main Assist Ranges – $16,700, adopted by $16,500.

Main Resistance Ranges – $16,920, $17,000 and $17,200.

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