Bitcoin price failed to clear the $17,300 zone and corrected lower. BTC could find a strong buying interest near $16,900 or $16,700 in the coming sessions.
Bitcoin failed to gain pace for a move above $17,300 and $17,450.
The price is trading below $17,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $17,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could bounce back if it stays above the $16,900 and $16,700 support levels.
Bitcoin price was able to clear the $17,000 resistance zone. However, the price failed to gain pace for a move above $17,300 and $17,450. A high was formed near $17,292 and the price started a fresh decline.
There was a clear move below the $17,100 and $17,000 levels. The price declined below the 50% Fib retracement level of the upward move from the $16,700 swing low to $17,292 high. Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near $17,150 on the hourly chart of the BTC/USD pair. The pair is now approaching the 61.8% Fib retracement level of the upward move from the $16,700 swing low to $17,292 high.
On the upside, an immediate resistance is near the $17,050 level. The first major resistance is near the $17,150 zone and the trend line, above which the price may perhaps start a fresh increase.
Source: BTCUSD on TradingView.com
In the stated case, the price could rise towards the $17,300 resistance. The next major resistance is near $17,450, above which the price rise towards the $18,000 zone in the near term.
If bitcoin fails to clear the $17,150 resistance, there could be more losses. An immediate support on the downside is near the $16,900 level.
The next major support is near the $16,700 zone or the last swing low. A downside break below the $16,700 support might call a drop towards $16,500. Any more losses might push the price towards the $16,200 zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold zone.
Major Support Levels – $16,900, followed by $16,700.
Major Resistance Levels – $17,050, $17,150 and $17,450.
Bitcoin price failed to clear the $17,300 zone and corrected lower. BTC could find a strong buying interest near $16,900 or $16,700 in the coming sessions.
Bitcoin failed to gain pace for a move above $17,300 and $17,450.
The price is trading below $17,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $17,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could bounce back if it stays above the $16,900 and $16,700 support levels.
Bitcoin price was able to clear the $17,000 resistance zone. However, the price failed to gain pace for a move above $17,300 and $17,450. A high was formed near $17,292 and the price started a fresh decline.
There was a clear move below the $17,100 and $17,000 levels. The price declined below the 50% Fib retracement level of the upward move from the $16,700 swing low to $17,292 high. Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near $17,150 on the hourly chart of the BTC/USD pair. The pair is now approaching the 61.8% Fib retracement level of the upward move from the $16,700 swing low to $17,292 high.
On the upside, an immediate resistance is near the $17,050 level. The first major resistance is near the $17,150 zone and the trend line, above which the price may perhaps start a fresh increase.
Source: BTCUSD on TradingView.com
In the stated case, the price could rise towards the $17,300 resistance. The next major resistance is near $17,450, above which the price rise towards the $18,000 zone in the near term.
If bitcoin fails to clear the $17,150 resistance, there could be more losses. An immediate support on the downside is near the $16,900 level.
The next major support is near the $16,700 zone or the last swing low. A downside break below the $16,700 support might call a drop towards $16,500. Any more losses might push the price towards the $16,200 zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold zone.
Major Support Levels – $16,900, followed by $16,700.
Major Resistance Levels – $17,050, $17,150 and $17,450.
Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
NewsBTCRead More
Tether, the crypto company behind the largest stablecoin USDT, said on Friday it generated $13…
Grayscale, a popular crypto asset manager, launched a new ETF that offers exposure to Bitcoin…
Follow Frank on X. Often, when I speak with everyday Bitcoiners — plebs, if you…
Discussing when and how to sell Bitcoin can be controversial, but if you’re planning to…
By Omkar Godbole (All times ET unless indicated otherwise) The crypto market is treading water…
Crypto analyst CobraVanguard has revealed that the Bitcoin price has entered an ascending phase after…
