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Bitcoin value continues to be going through resistance beneath $17,000. BTC may decline closely if there’s a clear transfer beneath the $16,000 assist zone.
Bitcoin continues to be exhibiting bearish indicators beneath the $16,800 and $17,000 resistance ranges.
The worth is buying and selling above $16,500 and the 100 hourly easy transferring common.
There was a break above a key bearish pattern line with resistance close to $16,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may resume its decline if there’s a clear transfer beneath the $16,000 assist.
Bitcoin Worth Stays In Downtrend
Bitcoin value spiked beneath the $16,500 assist zone. Nevertheless, BTC bulls had been lively above the $16,200 degree. The worth traded as little as $16,325 and just lately began an upside correction.
There was a minor restoration wave above the $16,500 degree. The worth climbed above the $16,600 degree and the 100 hourly easy transferring common. Nevertheless, the bears had been lively close to the $16,680 zone. A excessive was shaped close to $16,683 and the value corrected decrease.
Bitcoin value declined beneath 23.6% Fib retracement degree of the upward transfer from the $16,325 low to $16,683 excessive. It discovered assist close to the $16,500 degree.
The worth is buying and selling above the 50% Fib retracement degree of the upward transfer from the $16,325 low to $16,683 excessive. Additionally it is above $16,500 and the 100 hourly easy transferring common. On the upside, a direct resistance is close to the $16,600 degree.
Supply: BTCUSD on TradingView.com
The primary main resistance is close to the $16,680 zone. The subsequent main resistance is close to the $16,800 degree. The important thing breakout zone continues to be close to the $17,000 degree. A transparent transfer above the $17,000 resistance would possibly begin a contemporary enhance within the close to time period.
Contemporary Decline in BTC?
If bitcoin fails to start out a restoration wave above the $16,650 resistance, it may begin one other decline. A right away assist on the draw back is close to the $16,500 degree.
The subsequent main assist is close to the $16,350 degree. A transparent transfer beneath the $16,350 assist would possibly spark a transfer in direction of the $16,000 degree. Any extra losses would possibly ship the value in direction of $15,500.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 degree.
Main Assist Ranges – $16,500, adopted by $16,350.
Main Resistance Ranges – $16,600, $16,800 and $17,000.
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