Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend

Bitcoin worth struggled to clear the $17,000 resistance. BTC appears to be forming a double prime sample and would possibly dive beneath the $16,000 help.

• Bitcoin tried an upside break above the $17,000 resistance, however failed.
• The value is buying and selling above $16,300 and the 100 hourly easy transferring common.
• There was a break beneath a key bullish pattern line with help close to $16,420 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may proceed to say no if it breaks the $16,000 help zone.

Bitcoin Worth Wrestle Continues

Bitcoin worth tried a restoration wave from the $15,500 help zone. BTC climbed above the $16,000 and $16,500 resistance ranges.

It even settled above the $16,300 degree and the 100 hourly easy transferring common. Nonetheless, the bears had been energetic close to the $16,800 zone. It looks like the value confronted one other main rejection close to the $16,800 degree and is forming a double prime sample.

Bitcoin worth began a contemporary decline from the $16,800 zone. There was a break beneath a key bullish pattern line with help close to $16,420 on the hourly chart of the BTC/USD pair.

It’s now approaching the 23.6% Fib retracement degree of the current enhance from the $15,470 swing low to $16,791 excessive. Moreover, it’s buying and selling above $16,300 and the 100 hourly easy transferring common. On the upside, an instantaneous resistance is close to the $16,600 degree.

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $16,800 zone. A profitable transfer above the $16,800 resistance would possibly begin an actual restoration wave. The subsequent main resistance is close to $17,000, above which the value may achieve tempo for a transfer in the direction of the $17,500 zone.

Recent Decline in BTC?

If bitcoin fails to climb above the $16,800 resistance, it may proceed to maneuver down. A direct help on the draw back is close to the $16,280 degree and the 100 hourly easy transferring common.

The subsequent main help is close to the $16,130 zone or the 50% Fib retracement degree of the current enhance from the $15,470 swing low to $16,791 excessive, beneath which the value would possibly achieve bearish momentum. Within the said case, the value would possibly drop in the direction of the $15,500 help zone.

Technical indicators:

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

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

Main Help Ranges – $16,280, adopted by $16,130.

Main Resistance Ranges – $16,800, $17,000 and $18,000.