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Bitcoin Price Starts Technical Correction, Here’s Key Support To Watch

Bitcoin worth traded above the $17,000 resistance. BTC is correcting features and may decline in the direction of the $16,650 assist zone within the close to time period.

  • Bitcoin gained tempo and cleared the $17,000 and $17,200 resistance ranges.
  • The worth is buying and selling above $16,650 and the 100 hourly easy transferring common.
  • There was a break beneath a serious bullish pattern line with assist close to $16,980 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might right decrease in the direction of the $16,650 and $16,500 assist ranges.

Bitcoin Price Faces Bears

Bitcoin worth tried a gentle improve above the $17,000 resistance zone. It even broke the $17,200 degree and settled above the 100 hourly easy transferring common.

However, the bears have been energetic above the $17,200 degree. A excessive was fashioned close to $17,319 earlier than the value began a draw back correction. There was a transfer beneath the $17,000 assist zone. The worth declined beneath the 23.6% Fib retracement degree of the upward transfer from the $16,000 swing low to $17,319 excessive.

Besides, there was a break beneath a serious bullish pattern line with assist close to $16,980 on the hourly chart of the BTC/USD pair. Bitcoin worth is nonetheless buying and selling above $16,650 and the 100 hourly easy transferring common.

On the upside, an instantaneous resistance is close to the $17,000 degree. The first main resistance is close to the $17,250 zone, above which the value could maybe begin one other regular improve. In the acknowledged case, the value might rise in the direction of the $17,800 resistance.

Bitcoin Price

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to $18,800, above which the value might try a transfer in the direction of the $19,500 zone within the close to time period.

Dips Supported in BTC?

If bitcoin fails to begin a recent improve above the $17,000 resistance, there could possibly be extra downsides. An speedy assist on the draw back is close to the $16,800 degree. The subsequent main assist is close to the $16,650 zone.

The 50% Fib retracement degree of the upward transfer from the $16,000 swing low to $17,319 excessive is additionally close to the $16,650 assist. A draw back break beneath the $16,650 assist may name for a transfer in the direction of $16,500. Any extra losses may name for a take a look at of the important thing $16,000 assist zone within the close to time period.

Technical indicators:

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

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

Major Support Levels – $16,800, adopted by $16,650.

Major Resistance Levels – $17,000, $17,250 and $17,800.

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