Bitcoin Price Resists but Breaking This Resistance Could Encourage Bulls
Bitcoin price is struggling to clear the $17,000 resistance zone. BTC must stay above $16,000 to avoid more losses in the near term.
- Bitcoin is still consolidating above the $16,350 and $16,000 support levels.
- The price is trading just above $16,500 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a recovery wave if it clears the $17,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin price attempted to gain strength above the $17,000 resistance zone. However, BTC struggled to hold above the $17,000 level. The price traded as high as $17,098 and recently started a slow decline. There was a move below the $16,800 and $16,650 levels. The price fell below 23.
6% Fib retracement level of the bullish move from $15,833 low to $17,098 high. The price even went below the $16,500 mark. However, the bulls have been active near the 50% Fib retracement level of the move from the $15,833 area to the $17,098 high. Bitcoin price is now trading just above $16,500 and the 100 hourly simple moving average. On the upside, there is an immediate resistance near $16,750.
There is also a major downtrend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair. The first major resistance is near the $17,000 zone. A clear move above the $17K resistance could set the pace for a decent rally wave.
Fresh Decline in BTC?
If bitcoin fails to pick up pace above the $17,000 resistance zone, it could continue lower. Immediate support on the downside is near $16,600 and the 100 hourly SMA.
The next major support is near the $16,350 zone; the main support is near the $16,000 zone. A sharp move below the $16,000 support could trigger another major drop in the near term.
