Bitcoin worth struggled to clear the $16,800 resistance. BTC is shifting decrease and there is a danger of extra losses under the $16,000 help zone.
- Bitcoin tried an upside break above the $16,800 resistance, however failed.
- The worth is buying and selling under $16,500 and the 100 hourly easy shifting common.
- There is a significant bearish development line forming with resistance close to $16,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might proceed to decline if it breaks the $16,000 help zone.
Bitcoin Price Faces Rejection
Bitcoin worth tried an upside break above the $16,800 resistance zone. BTC struggled to acquire tempo for a transfer above the $16,800 resistance and fashioned a double high sample.
There was a gradual and regular decline from the $16,791 excessive. There was a transfer under the $16,500 and $16,400 ranges. The bears had been in a position to push the worth under the 23.6% Fib retracement stage of the upward transfer from the $15,470 swing low to $16,790 excessive.
Bitcoin worth is now buying and selling under $16,500 and the 100 hourly easy shifting common. There is additionally a significant bearish development line forming with resistance close to $16,550 on the hourly chart of the BTC/USD pair.
The worth is now consolidating close to the 50% Fib retracement stage of the upward transfer from the $15,470 swing low to $16,790 excessive. On the upside, an instantaneous resistance is close to the $16,300 stage.
Source: BTCUSD on TradingView.com
The first main resistance is close to the $16,500 zone, the 100 hourly easy shifting common, and the highlighted bearish development line. A profitable transfer above the $16,500 resistance would possibly ship the worth additional increased. The subsequent main resistance is close to $16,800, above which the worth might acquire tempo for a transfer in the direction of the $17,500 zone.
More Losses in BTC?
If bitcoin fails to climb above the $16,500 resistance, it might proceed to transfer down. An fast help on the draw back is close to the $16,100 stage.
The subsequent main help is close to the $16,000 zone, under which the worth would possibly acquire bearish momentum. In the acknowledged 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 Strength Index) – The RSI for BTC/USD is now under the 50 stage.
Major Support Levels – $16,100, adopted by $16,000.
Major Resistance Levels – $16,500, $16,800 and $17,000.
