Bitcoin value prolonged its decline under $17,000. BTC might keep away from a much bigger drop if it closes above the $17,000 resistance zone.

• Bitcoin remained in a bearish zone and traded under the $17,000 help.
• The value is trading under $17,000 and the 100 hourly easy shifting common.
• There’s a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair (information feed by Kraken).
• The pair is exhibiting some bearish indicators under the $17,000 pivot level.

Bitcoin value is exhibiting bearish indicators

Bitcoin value failed to remain in a constructive zone above the $17,000 pivot level. BTC bears had been energetic and there was a push under the $16,800 help zone.

The value examined the $16,700 level and settled under the 100 hourly easy shifting common. A low is forming close to $16,700 and the worth is now consolidating its losses. There was a minor surge above the $16,800 resistance level.

Bitcoin value climbed above the 23.6% Fib retracement level of the current decline from the $17,130 high to $16,700 low. It’s now trading under $17,000 and the 100 hourly easy shifting common. There may be additionally a key bearish development line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair.

On the upside, there’s speedy resistance close to $16,920 and the bearish development line. It’s close to the 50% Fib retracement level of the current decline from the $17,130 high to $16,700 low.

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $17,000 zone, above which the worth may begin one other regular climb. Within the talked about case, the worth may surge in direction of the $17,200 resistance. The subsequent main resistance is at $17,450, above which the worth will rally in direction of the $18,000 zone within the brief time period.

Extra losses on BTC?

If Bitcoin fails to begin a recent surge above the $17,000 resistance, there could possibly be extra downsides. Speedy help on the draw back is close to $16,700.

The subsequent main help is close to the $16,500 zone. A draw back break under the $16,500 help might end in a decline in direction of $16,000. Additional losses might propel the worth in direction of the $15,500 pivot zone within the short-term.

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 level.

Key help ranges – $16,700 adopted by $16,500.

Main resistance ranges – $16,920, $17,000 and $17,200.