Bitcoin price is struggling to clear the $17,000 resistance. BTC remains at a risk of more downsides below the $16,000 support zone before the year end.
Bitcoin is showing bearish signs below the $17,000 and $17,200 resistance levels.
The price is trading below $16,700 and the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could resume its decline if it stays below the $17,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin price gained pace below the $16,800 support zone. BTC even extended its decline below the $16,700 level and the 100 hourly simple moving average.
The price traded as low as $16,453 and is currently correcting losses. There was a move above the $16,500 and $16,550 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.
There was also a break above a connecting bearish trend line with resistance near $16,610 on the hourly chart of the BTC/USD pair. However, bitcoin price is now trading below $16,700 and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $16,650 level. The first major resistance is near the $16,700 zone and the 100 hourly SMA. It coincides with the 50% Fib retracement level of the recent decline from the $16,960 swing high to $16,453 low.
Source: BTCUSD on TradingView.com
The key breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance might start a steady increase in the near term. The next major resistance is near $17,500, above which the price rise towards the $18,000 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to start a recovery wave above the $16,700 resistance, it could start another decline. An immediate support on the downside is near the $16,450 level or the recent low.
The next major support is near the $16,250 level. A clear move below the $16,250 support might spark a move towards the $16,000 level. Any more losses might send the price towards $15,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $16,450, followed by $16,250.
Major Resistance Levels – $16,700, $17,000 and $17,200.
