Bitcoin price still faces resistance below $17,000. BTC could decline strongly if there is a clear move below the $16,000 support zone.
- Bitcoin is still showing bearish signs below the $16,800 and $17,000 resistance levels.
- The price is trading above $16,500 and the hourly moving average is 100.
- There is a break above the key bearish trend line with resistance near $16,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue its decline if there is a clear move below the $16,000 support.
Bitcoin Price Remains In Downtrend
Bitcoin price spiked below the $16,500 support zone. However, BTC bulls are active above the $16,200 level. The price traded up to $16,325 and recently started an upward correction.
There is a small recovery wave above the $16,500 level. The price rose above the $16,600 level and the hourly simple moving average is 100. However, the bears are active near the $16,680 zone. A high was formed near $16,683 and the price corrected lower.
Bitcoin price declined below the 23.6% Fib retracement level of the upward move from the $16,325 low to the $16,683 high. It finds support near the $16,500 level.
The price is trading above the 50% Fib retracement level of the upward move from $16,325 to the $16,683 high. It is also above the $16,500 and 100 hourly moving averages. On the upside, immediate resistance is near the $16,600 level.
Source: BTCUSD on TradingView.com
The first major resistance is near the $16,680 zone. The next major resistance is near the $16,800 level. The key breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance could initiate a new uptrend in the near term.
Recent decline in BTC?
If bitcoin fails to start a wave of recovery above the $16,650 resistance, it could start another decline. Immediate support on the downside is near the $16,500 level.
The next major support is near the $16,350 level. A clear move below the $16,350 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 bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Key Support Level – $16,500, followed by $16,350.
Key Resistance Levels – $16,600, $16,800 and $17,000.