Bitcoin Price Stuck In Key Range, Why The Bulls Remain In Action

Bitcoin value didn’t clear the $17,300 zone and corrected decrease. BTC may discover a robust shopping for curiosity close to $16,900 or $16,700 within the coming periods.

• Bitcoin failed to realize tempo for a transfer above $17,300 and $17,450.
• The worth is buying and selling under $17,000 and the 100 hourly easy shifting common.
• There’s a key bearish pattern line forming with resistance close to $17,150 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may bounce again if it stays above the $16,900 and $16,700 help ranges.

Bitcoin Worth Stays Supported

Bitcoin value was in a position to clear the $17,000 resistance zone. Nevertheless, the worth failed to realize tempo for a transfer above $17,300 and $17,450. A excessive was fashioned close to $17,292 and the worth began a recent decline.

There was a transparent transfer under the $17,100 and $17,000 ranges. The worth declined under the 50% Fib retracement stage of the upward transfer from the $16,700 swing low to $17,292 excessive. Bitcoin value is now buying and selling under $17,000 and the 100 hourly easy shifting common.

There’s additionally a key bearish pattern line forming with resistance close to $17,150 on the hourly chart of the BTC/USD pair. The pair is now approaching the 61.8% Fib retracement stage of the upward transfer from the $16,700 swing low to $17,292 excessive.

On the upside, an instantaneous resistance is close to the $17,050 stage. The primary main resistance is close to the $17,150 zone and the pattern line, above which the worth could maybe begin a recent enhance.

Supply: BTCUSD on TradingView.com

Within the said case, the worth may rise in direction of the $17,300 resistance. The following main resistance is close to $17,450, above which the worth rise in direction of the $18,000 zone within the close to time period.

Draw back Break in BTC?

If bitcoin fails to clear the $17,150 resistance, there may very well be extra losses. A right away help on the draw back is close to the $16,900 stage.

The following main help is close to the $16,700 zone or the final swing low. A draw back break under the $16,700 help may name a drop in direction of $16,500. Any extra losses may push the worth in direction of the $16,200 zone within the close to time period.

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 within the oversold zone.

Main Help Ranges – $16,900, adopted by $16,700.

Main Resistance Ranges – $17,050, $17,150 and $17,450.