Bitcoin Price Stuck In Crucial Range, 2023 Breakout Looms

Bitcoin worth remains to be buying and selling in a variety under the $17,000 resistance. BTC may witness a serious breakout as we strategy the New Yr 2023.

• Bitcoin did not clear the $17,000 and $17,200 resistance ranges.
• The worth is buying and selling under $16,800 and the 100 hourly easy shifting common.
• There was a break under a serious bullish development line with help close to $16,840 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may decline additional if there’s a clear transfer under the $16,550 help zone.

Bitcoin Value Revisits Assist

Bitcoin worth made one other try to clear the $17,000 resistance zone. Nonetheless, BTC struggled to realize tempo for a transparent transfer above the $17,000 stage.

A excessive was shaped close to $16,962 earlier than the value began a recent decline. There was a transparent transfer under the $16,800 help zone and the 100 hourly easy shifting common. Moreover, there was a break under a serious bullish development line with help close to $16,840 on the hourly chart of the BTC/USD pair.

Bitcoin worth examined the important thing $16,550 help zone. A low is shaped close to $16,561 and the value is now consolidating losses. It examined the 23.6% Fib retracement stage of the downward transfer from the $16,962 swing excessive to $16,561 low.

On the upside, a direct resistance is close to the $16,720 zone. The primary main resistance is close to the $16,800 zone and the 100 hourly SMA. It’s near the 61.8% Fib retracement stage of the downward transfer from the $16,962 swing excessive to $16,561 low.

Supply: BTCUSD on TradingView.com

The primary barrier remains to be close to the $17,000 stage. A transparent transfer above the $17,000 resistance would possibly begin a gentle restoration wave. The following main resistance is close to $17,200, above which the value rise in the direction of the $17,500 resistance zone. Any extra features would possibly spark a transfer in the direction of the $18,000 resistance zone.

Extra Losses in BTC?

If bitcoin fails to clear the $16,800 resistance, it may proceed to maneuver down. An instantaneous help on the draw back is close to the $16,550 stage.

The following main help is close to the $16,350 stage. A draw back break under the $16,350 help would possibly ship the pair in the direction of the $16,000 stage. Any extra losses would possibly ship the value in the direction of $15,550.

Technical indicators:

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

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

Main Assist Ranges – $16,550, adopted by $16,350.

Main Resistance Ranges – $16,800, $17,000 and $17,200.