Bitcoin price failed to clear the $17,300 zone and has been revised downwards. BTC may find strong buy interest near $16,900 or $16,700 in the upcoming sessions.
- Bitcoin failed to pick up the pace with moves above $17,300 and $17,450.
- The price is trading below $17,000 and the 100 hour simple moving average.
- The BTC/USD pair’s hourly chart (data feed from Kraken) has formed an important bearish trendline with resistance near $17,150.
- The pair is likely to rebound above the support levels of $16,900 and $16,700.
Bitcoin price will continue to be supported
Bitcoin price managed to clear the $17,000 resistance zone. After reaching a high near $17,292, the price started a fresh decline.
There was a clear move below the $17,100 and $17,000 levels. The price has broken below the 50% Fib retracement level of the move from swing lows of $16,700 to highs of $17,292. Bitcoin price is currently trading below $17,000 and the 100 hour simple moving average.
There is also an important bearish trendline on the hourly chart of the BTC/USD pair with resistance forming near $17,150. The pair is now approaching the 61.8% Fib retracement level of the move from swing lows of $16,700 to highs of $17,292.
On the upside, the immediate resistance is near $17,050. The first big resistance is at the $17,150 zone and near the trend line, above which the price may start a new rally.
Source: BTCUSD on TradingView.com
In this case, the price could move towards the $17,300 resistance. The next big resistance is near $17,450, above which the price will move towards the $18,000 zone in the near future.
BTC downside break?
More losses are likely if Bitcoin fails to clear the $17,150 resistance. Near-term support on the downside is near $16,900.
The next major support is near $16,700 or the last swing low. A break below the $16,700 support can lead to a drop towards $16,500. Any more losses could push the price into his $16,200 zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the oversold zone.
Major Support Level – $16,900, followed by $16,700.
Main resistance levels – $17,050, $17,150, $17,450.
