Bitcoin value is struggling to clear the $17,000 resistance. BTC stays at a danger of extra downsides under the $16,000 assist zone earlier than the yr finish.

• Bitcoin is exhibiting bearish indicators under the $17,000 and $17,200 resistance ranges.
• The worth is buying and selling under $16,700 and the 100 hourly easy transferring common.
• There was a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may resume its decline if it stays under the $17,000 resistance zone.

Bitcoin Value Faces Resistance

Bitcoin value gained tempo under the $16,800 assist zone. BTC even prolonged its decline under the $16,700 stage and the 100 hourly easy transferring common.

The worth traded as little as $16,453 and is at present correcting losses. There was a transfer above the $16,500 and $16,550 ranges. The worth climbed above the 23.6% Fib retracement stage of the latest decline from the $16,960 swing excessive to $16,453 low.

There was additionally a break above a connecting bearish development line with resistance close to $16,610 on the hourly chart of the BTC/USD pair. Nonetheless, bitcoin value is now buying and selling under $16,700 and the 100 hourly easy transferring common.

On the upside, a direct resistance is close to the $16,650 stage. The primary main resistance is close to the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement stage of the latest decline from the $16,960 swing excessive to $16,453 low.

Supply: BTCUSD on TradingView.com

The important thing breakout zone remains to be close to the $17,000 stage. A transparent transfer above the $17,000 resistance would possibly begin a gradual enhance within the close to time period. The following main resistance is close to $17,500, above which the worth rise in direction of the $18,000 resistance zone.

Recent Decline in BTC?

If bitcoin fails to start out a restoration wave above the $16,700 resistance, it may begin one other decline. A direct assist on the draw back is close to the $16,450 stage or the latest low.

The following main assist is close to the $16,250 stage. A transparent transfer under the $16,250 assist would possibly spark a transfer 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 dropping 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 – $16,450, adopted by $16,250.

Main Resistance Ranges – $16,700, $17,000 and $17,200.