Bitcoin Price Grinds Lower, More Losses Seem Imminent

Bitcoin worth is slowly transferring decrease from the $17,000 resistance. BTC might proceed to maneuver down in direction of the $16,000 help zone.

• Bitcoin began a contemporary decline after it didn’t clear the $17,000 and $17,200 resistance ranges.
• The worth is buying and selling beneath $16,700 and the 100 hourly easy transferring common.
• There’s a key bearish pattern lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might drop additional if there’s a clear transfer beneath the $16,500 help zone.

Bitcoin Value Extends Losses

Bitcoin worth failed to realize tempo above the $17,000 resistance zone. BTC began a contemporary decline beneath the $16,800 help zone to maneuver right into a bearish zone.

The worth even traded beneath the $16,650 help zone and the 100 hourly easy transferring common. It traded as little as $16,453 and is presently consolidating losses. The worth is clearly buying and selling in a bearish zone beneath $16,700 and the 100 hourly easy transferring common.

Bitcoin worth is now going through resistance close to the $16,580 degree. It’s near the 23.6% Fib retracement degree of the downward transfer from the $16,961 swing excessive to $16,453 low. There may be additionally a key bearish pattern lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair.

The primary main resistance is close to the $16,700 zone and the 100 hourly SMA. It’s near the 50% key bearish pattern lie forming with resistance close to $16,600 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

The principle hurdle remains to be close to the $17,000 degree. A correct shut above the $17,000 resistance would possibly begin a gentle enhance within the close to time period. The following main resistance is close to $17,200, above which the value rise in direction of the $17,500 resistance zone.

Extra Losses in BTC?

If bitcoin fails to start out a restoration wave above the $16,700 resistance, it might proceed to maneuver down. A direct help on the draw back is close to the $16,450 degree.

The following main help is close to the $16,200 degree. A draw back break beneath the $16,200 help would possibly spark a transfer in direction of the $16,000 degree. Any extra losses would possibly ship the value in direction of $15,550.

Technical indicators:

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

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

Main Assist Ranges – $16,450, adopted by $16,200.

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