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Bitcoin worth prolonged its decline under the $17,000 degree. BTC might keep away from a serious drop if it closes above the $17,000 resistance zone.
Bitcoin remained in a bearish zone and traded under the $17,000 help.
The worth is buying and selling under $17,000 and the 100 hourly easy transferring common.
There’s a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair is exhibiting a couple of bearish indicators under the $17,000 pivot degree.
Bitcoin Worth Is Exhibiting Bearish Indicators
Bitcoin worth failed to remain in a constructive zone above the $17,000 pivot degree. BTC bears had been lively and there was a push under the $16,800 help zone.
The worth examined the $16,700 degree and settled under the 100 hourly easy transferring common. A low is fashioned close to $16,700 and the value is now consolidating losses. There was a minor enhance above the $16,800 resistance degree.
Bitcoin worth climbed above the 23.6% Fib retracement degree of the current decline from the $17,130 swing excessive to $16,700 low. It’s now buying and selling under $17,000 and the 100 hourly easy transferring common. There may be additionally a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair.
On the upside, a right away resistance is close to the $16,920 degree and the bearish development line. It’s close to the 50% Fib retracement degree of the current decline from the $17,130 swing excessive to $16,700 low.
Supply: BTCUSD on TradingView.com
The primary main resistance is close to the $17,000 zone, above which the value could maybe begin one other regular enhance. Within the acknowledged case, the value might rise in direction of the $17,200 resistance. The subsequent main resistance is close to $17,450, above which the value rise in direction of the $18,000 zone within the close to time period.
Extra Losses in BTC?
If bitcoin fails to begin a contemporary enhance above the $17,000 resistance, there could possibly be extra downsides. An instantaneous help on the draw back is close to the $16,700 degree.
The subsequent main help is close to the $16,500 zone. A draw back break under the $16,500 help may name a drop in direction of $16,000. Any extra losses may push the value in direction of the $15,500 pivot zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now close to the 50 degree.
Main Assist Ranges – $16,700, adopted by $16,500.
Main Resistance Ranges – $16,920, $17,000 and $17,200.
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