Bitcoin Price Prints Bearish Technical Pattern, Why It Could Continue Lower

Bitcoin value declined closely and traded under $17,000. BTC is consolidating losses and stays at a threat of extra losses under the $16,500 assist.

• Bitcoin began a contemporary decline under the $17,200 and $17,000 assist ranges.
• The worth is buying and selling under $17,000 and the 100 hourly easy transferring common.
• There’s a key bearish pattern line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might proceed to maneuver decrease except it clears the 100 hourly SMA.

Bitcoin Value Tumbles

Bitcoin value restarted a contemporary decline from the $18,400 zone resistance zone. BTC gained tempo under the $17,500 and $17,200 assist ranges. The bears even pushed it under the $17,000 stage and the 100 hourly easy transferring common.

It examined the $16,500 assist zone. A low is shaped close to $16,541 and the worth is now consolidating losses. It climbed a number of factors greater and traded above the $16,700 stage.

Bitcoin value is now buying and selling under $17,000 and the 100 hourly easy transferring common. On the upside, a direct resistance is close to the $16,800 zone. There’s additionally a key bearish pattern line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair.

The primary main resistance is close to the $17,000 zone and the 100 hourly easy transferring common. It’s close to the 23.6% Fib retracement stage of the downward transfer from the $18,387 swing excessive to $16,541 swing low.

Supply: BTCUSD on TradingView.com

A transparent transfer above the $17,000 resistance may name for a transfer in the direction of the $17,500 resistance. It’s near the 50% Fib retracement stage of the downward transfer from the $18,387 swing excessive to $16,541 swing low. The subsequent main resistance is close to $17,800, above which the worth may achieve tempo and rise in the direction of the $18,000 stage.

Extra Losses in BTC?

If bitcoin fails to clear the $17,000 resistance, there could possibly be extra downsides. A right away assist on the draw back is close to the $16,600 stage.

The subsequent main assist is close to the $16,500 zone. A draw back break under the $16,500 assist may name extra losses. Within the acknowledged case, the worth might decline in the direction of the $16,000 assist within the close to time period. Any extra losses may ship the worth in the direction of $15,500.

Technical indicators:

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

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

Main Help Ranges – $16,600, adopted by $16,500.

Main Resistance Ranges – $16,800, $17,000 and $17,500.