Bitcoin Price Starts Technical Correction, Here’s Key Support To Watch

Bitcoin value traded above the $17,000 resistance. BTC is correcting positive aspects and may decline in the direction of the $16,650 help zone within the close to time period.

• Bitcoin gained tempo and cleared the $17,000 and $17,200 resistance ranges.
• The worth is buying and selling above $16,650 and the 100 hourly easy transferring common.
• There was a break beneath a significant bullish pattern line with help close to $16,980 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might right decrease in the direction of the $16,650 and $16,500 help ranges.

Bitcoin Value Faces Bears

Bitcoin value tried a gentle enhance above the $17,000 resistance zone. It even broke the $17,200 stage and settled above the 100 hourly easy transferring common.

Nonetheless, the bears had been energetic above the $17,200 stage. A excessive was fashioned close to $17,319 earlier than the worth began a draw back correction. There was a transfer beneath the $17,000 help zone. The worth declined beneath the 23.6% Fib retracement stage of the upward transfer from the $16,000 swing low to $17,319 excessive.

In addition to, there was a break beneath a significant bullish pattern line with help close to $16,980 on the hourly chart of the BTC/USD pair. Bitcoin value remains to be buying and selling above $16,650 and the 100 hourly easy transferring common.

On the upside, a right away resistance is close to the $17,000 stage. The primary main resistance is close to the $17,250 zone, above which the worth might maybe begin one other regular enhance. Within the said case, the worth might rise in the direction of the $17,800 resistance.

Supply: BTCUSD on TradingView.com

The subsequent main resistance is close to $18,800, above which the worth might try a transfer in the direction of the $19,500 zone within the close to time period.

Dips Supported in BTC?

If bitcoin fails to begin a contemporary enhance above the $17,000 resistance, there could possibly be extra downsides. An instantaneous help on the draw back is close to the $16,800 stage. The subsequent main help is close to the $16,650 zone.

The 50% Fib retracement stage of the upward transfer from the $16,000 swing low to $17,319 excessive can be close to the $16,650 help. A draw back break beneath the $16,650 help may name for a transfer in the direction of $16,500. Any extra losses may name for a check of the important thing $16,000 help 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 beneath the 50 stage.

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

Main Resistance Ranges – $17,000, $17,250 and $17,800.