Bitcoin Price Could End The Year Further Lower, Key Resistance Intact

Bitcoin worth is struggling to clear the $17,000 resistance. BTC stays at a danger of extra downsides beneath the $16,000 assist zone earlier than the yr finish.

• Bitcoin is exhibiting bearish indicators beneath the $17,000 and $17,200 resistance ranges.
• The value is buying and selling beneath $16,700 and the 100 hourly easy shifting common.
• There was a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may resume its decline if it stays beneath the $17,000 resistance zone.

Bitcoin Worth Faces Resistance

Bitcoin worth gained tempo beneath the $16,800 assist zone. BTC even prolonged its decline beneath the $16,700 stage and the 100 hourly easy shifting common.

The value traded as little as $16,453 and is presently correcting losses. There was a transfer above the $16,500 and $16,550 ranges. The value climbed above the 23.6% Fib retracement stage of the current decline from the $16,960 swing excessive to $16,453 low.

There was additionally a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair. Nevertheless, bitcoin worth is now buying and selling beneath $16,700 and the 100 hourly easy shifting common.

On the upside, a right away resistance is close to the $16,650 stage. The primary main resistance is close to the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement stage of the current decline from the $16,960 swing excessive to $16,453 low.

Supply: BTCUSD on TradingView.com

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 gentle improve within the close to time period. The subsequent main resistance is close to $17,500, above which the worth rise in the direction of the $18,000 resistance zone.

Contemporary Decline in BTC?

If bitcoin fails to begin a restoration wave above the $16,700 resistance, it may begin one other decline. An instantaneous assist on the draw back is close to the $16,450 stage or the current low.

The subsequent main assist is close to the $16,250 stage. A transparent transfer beneath the $16,250 assist 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 bearish zone.

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

Main Help Ranges – $16,450, adopted by $16,250.

Main Resistance Ranges – $16,700, $17,000 and $17,200.