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Bitcoin Price Resists but Breaking This Resistance Could Encourage Bulls

Bitcoin Price Resists but Breaking This Resistance Could Encourage Bulls

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.

Bitcoin Price Resists But Breaking This Resistance Could Encourage Bulls - Coin Microscope

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.

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