Bitcoin worth declined additional and traded beneath $16,500. BTC is correcting losses, but it surely might wrestle to climb above the $16,700 and $17,000 resistance ranges.

• Bitcoin prolonged its decline beneath the $17,000 and $16,500 assist ranges.
• The worth is buying and selling beneath $16,800 and the 100 hourly easy shifting common.
• There’s a connecting bearish pattern line forming with resistance close to $16,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might resume its decline until there’s a clear transfer above $17,000 and the 100 hourly SMA.

Bitcoin Value Alerts Bearish Bias

Bitcoin worth settled beneath the $17,200 assist stage to maneuver right into a bearish zone. BTC gained tempo beneath the $17,000 and $16,800 assist ranges. The worth even declined beneath the $16,500 assist and settled beneath the 100 hourly easy shifting common.

It examined the $16,200 zone. A low is shaped close to $16,260 and the worth is now correcting losses. There was a minor enhance above the $16,500 resistance zone. The worth climbed above the 50% Fib retracement stage of the latest drop from the $16,865 swing excessive to $16,260 low.

Bitcoin worth is now buying and selling beneath $16,800 and the 100 hourly easy shifting common. On the upside, an instantaneous resistance is close to the $16,650 zone. There’s additionally a connecting bearish pattern line forming with resistance close to $16,650 on the hourly chart of the BTC/USD pair.

The pattern line is close to the 61.8% Fib retracement stage of the latest drop from the $16,865 swing excessive to $16,260 low. The primary main resistance is close to the $16,800 zone and the 100 hourly easy shifting common.

Supply: BTCUSD on TradingView.com

A transparent transfer above the $16,800 resistance would possibly name for a transfer in direction of the $17,000 resistance. The subsequent main resistance is close to $17,240, above which the worth would possibly achieve tempo and rise in direction of the $18,000 stage.

Extra Downsides in BTC?

If bitcoin fails to clear the $16,800 resistance, there could possibly be extra downsides. A right away assist on the draw back is close to the $16,400 stage.

The subsequent main assist is close to the $16,250 zone. A draw back break beneath the $16,250 assist would possibly name for a drop in direction of the $16,000 stage. Any extra losses would possibly ship the worth in direction of $15,500.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 stage.

Main Help Ranges – $16,250, adopted by $16,000.

Main Resistance Ranges – $16,650, $16,800 and $17,000.