Bitcoin price is struggling to clear the $17,000 resistance. BTC remains at risk of falling further below the $16,000 support zone before the end of the year.
- Bitcoin is showing bearish signs below the $17,000 and $17,200 resistance levels.
- The price is trading below $16,700 and the hourly moving average is 100.
- There is a break above the bearish trend line connecting with resistance near $16,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue its decline if it stays below the $17,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin price rose below the $16,800 support zone. BTC even extended its decline below the $16,700 level and the 100 hourly simple moving average.
The price traded up to $16,453 and is now correcting losses. There is a move above the $16,500 and $16,550 levels. The price rose above the 23.6% Fib retracement level of the recent decline from the $16,960 swing high to the $16,453 low.
There is also a break above the bearish trend line connecting with resistance near $16,610 on the hourly chart of the BTC/USD pair. However, the price of bitcoin is currently trading below $16,700 and the hourly simple moving average is 100.
On the upside, immediate resistance is near the $16,650 level. The first major resistance is near the $16,700 zone and the hourly SMA of 100. It coincides with the 50% Fib retracement level of the recent decline from $16,960 swing high to $16,453 low.
Source: BTCUSD on TradingView.com
The key breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance could initiate a sustained rise in the near term. The next major resistance is near $17,500, above which the price rises to the $18,000 resistance zone.
Recent decline in BTC?
If bitcoin fails to start a wave of recovery above the $16,700 resistance, it could start another decline. Immediate support on the downside is near the $16,450 level or the low.
The next major support is near the $16,250 level. A clear move below the $16,250 support could trigger a move to the $16,000 level. Any losses could send the price to $15,500.
Technical indicators:
Hourly MACD – MACD is currently losing in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Key Support Level – $16,450, followed by $16,250.
Key Resistance Levels – $16,700, $17,000 and $17,200.