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Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend

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

  • Bitcoin tried an upside break above the $17,000 resistance, however failed.
  • The worth is buying and selling above $16,300 and the 100 hourly easy transferring 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 (knowledge feed from Kraken).
  • The pair may proceed to decline if it breaks the $16,000 help zone.

Bitcoin Price Struggle Continues

Bitcoin worth tried a restoration wave from the $15,500 help 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 transferring common. However, the bears have been lively close to the $16,800 zone. It looks like the value confronted one other main rejection close to the $16,800 stage and is forming a double high sample.

Bitcoin worth began a contemporary 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 is now approaching the 23.6% Fib retracement stage of the latest enhance from the $15,470 swing low to $16,791 excessive. Besides, it is buying and selling above $16,300 and the 100 hourly easy transferring common. On the upside, a direct resistance is close to the $16,600 stage.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first main resistance is close to the $16,800 zone. A profitable transfer above the $16,800 resistance may begin an actual restoration wave. The subsequent main resistance is close to $17,000, above which the value may acquire tempo for a transfer in the direction of the $17,500 zone.

Fresh Decline in BTC?

If bitcoin fails to climb above the $16,800 resistance, it may proceed to transfer down. An quick help on the draw back is close to the $16,280 stage and the 100 hourly easy transferring common.

The subsequent main help is close to the $16,130 zone or the 50% Fib retracement stage of the latest enhance from the $15,470 swing low to $16,791 excessive, beneath which the value may acquire bearish momentum. In the acknowledged case, the value may 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 Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.

Major Support Levels – $16,280, adopted by $16,130.

Major Resistance Levels – $16,800, $17,000 and $18,000.

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