Bitcoin Worth Faces Rejection, Why BTC May Resume Its Downtrend

Bitcoin worth struggled to clear the $17,000 resistance. BTC appears to be forming a double prime sample and would possibly dive beneath the $16,000 help.

  • Bitcoin tried an upside break above the $17,000 resistance, however failed.
  • The value is buying and selling above $16,300 and the 100 hourly easy shifting common.
  • There was a break beneath a key bullish pattern line with help close to $16,420 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might proceed to say no if it breaks the $16,000 help zone.

Bitcoin Worth Wrestle Continues

Bitcoin worth tried a restoration wave from the $15,500 support zone. BTC climbed above the $16,000 and $16,500 resistance ranges.

It even settled above the $16,300 stage and the 100 hourly easy shifting common. Nonetheless, the bears have been lively close to the $16,800 zone. It looks like the worth confronted one other main rejection close to the $16,800 stage and is forming a double prime sample.

Bitcoin worth began a recent decline from the $16,800 zone. There was a break beneath a key bullish pattern line with help close to $16,420 on the hourly chart of the BTC/USD pair.

It’s now approaching the 23.6% Fib retracement stage of the latest improve from the $15,470 swing low to $16,791 excessive. Apart from, it’s buying and selling above $16,300 and the 100 hourly simple moving average. On the upside, an instantaneous resistance is close to the $16,600 stage.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $16,800 zone. A profitable transfer above the $16,800 resistance would possibly begin an actual restoration wave. The subsequent main resistance is close to $17,000, above which the worth might achieve tempo for a transfer in the direction of the $17,500 zone.

Contemporary Decline in BTC?

If bitcoin fails to climb above the $16,800 resistance, it might proceed to maneuver down. An instantaneous help on the draw back is close to the $16,280 stage and the 100 hourly easy shifting common.

The subsequent main help is close to the $16,130 zone or the 50% Fib retracement stage of the latest improve from the $15,470 swing low to $16,791 excessive, beneath which the worth would possibly achieve bearish momentum. Within the said case, the worth would possibly drop in the direction of the $15,500 help zone.

Technical indicators:

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

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

Main Help Ranges – $16,280, adopted by $16,130.

Main Resistance Ranges – $16,800, $17,000 and $18,000.

Source

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