Analysis

Bitcoin Price Signals Rejection and Poised To Start Another Decline

Bitcoin value is going through resistance close to $17,000. BTC may begin one other decline except there’s a sturdy transfer above the $17,000 resistance zone.

  • Bitcoin recovered larger above the $16,800 resistance zone.
  • The worth is buying and selling above $16,800 and the 100 hourly easy transferring common.
  • There’s a rising channel forming with resistance close to $17,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may resume its decline except there’s a shut above the $17,000 resistance zone.

Bitcoin Value Faces Resistance

Bitcoin value discovered assist close to the $16,250 zone. BTC traded as little as $16,260 and began a restoration wave. There was a transparent transfer above the $16,500 and $16,600 ranges.

The bulls have been capable of push the worth above the $16,800 resistance and the 100 hourly easy transferring common. The worth even spiked above the $17,000 resistance, however upsides have been restricted. A excessive was fashioned close to $17,067 and the worth is now buying and selling in a variety.

Bitcoin value declined under the 23.6% Fib retracement degree of the upward transfer from the $16,260 swing low to $17,067 excessive. It’s now buying and selling above $16,800 and the 100 hourly easy transferring common.

There may be additionally a rising channel forming with resistance close to $17,000 on the hourly chart of the BTC/USD pair. On the upside, a direct resistance is close to the $17,000 zone. The primary main resistance is close to the $17,200 zone. A transparent transfer above the $17,200 resistance may name for a transfer in direction of the $17,500 resistance.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The subsequent main resistance is close to $18,000, above which the worth may achieve tempo and rise in direction of the $18,450 resistance zone within the coming classes.

Contemporary Decline in BTC?

If bitcoin fails to clear the $17,000 resistance, there might be a contemporary decline. A direct assist on the draw back is close to the $16,800 degree and the channel development line.

The subsequent main assist is close to the $16,650 zone. It’s near the 50% Fib retracement degree of the upward transfer from the $16,260 swing low to $17,067 excessive. A draw back break under the $16,650 assist may name for a drop in direction of the $16,260 degree. Any extra losses may ship the worth in direction of $16,000.

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 above the 50 degree.

Main Help Ranges – $16,800, adopted by $16,650.

Main Resistance Ranges – $17,000, $17,200 and $17,500.

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