Bitcoin value is dealing with resistance close to $17,000. BTC may begin one other decline until there’s a sturdy transfer above the $17,000 resistance zone.

• Bitcoin rallied higher above the $16,800 resistance zone.
• The worth is trading above $16,800 and the 100 hourly easy transferring common.
• There’s a rising channel forming with resistance close to $17,000 on the hourly chart of the BTC/USD pair (knowledge feed by Kraken).
• The pair may proceed its decline until there’s a shut above the $17,000 resistance zone.

Bitcoin value is dealing with resistance

Bitcoin value discovered assist close to the $16,250 zone. BTC traded as high as $16,260 and began a restoration wave. There was a transparent transfer above the $16,500 and $16,600 ranges.

The bulls had been capable of push the worth above the $16,800 resistance and the 100 hourly easy transferring common. The worth even surged above the $17,000 resistance, however the upsides had been restricted. A high was shaped close to $17,067 and the worth is now range-trading.

Bitcoin value fell under the 23.6% Fib retracement level of the bullish transfer from the $16,260 low to the $17,067 high. It’s now trading above $16,800 and the 100 hourly easy transferring common.

There may be additionally a rising vary forming with resistance close to $17,000 on the hourly chart of the BTC/USD pair. On the upside, there may be rapid resistance close to the $17,000 zone. The primary main resistance is close to the $17,200 zone. A significant transfer above the $17,200 resistance would possibly require a transfer in the direction of the $17,500 resistance.

Supply: BTCUSD on TradingView.com

The subsequent main resistance is at $18,000, above which the worth may choose up momentum and climb in the direction of the $18,450 resistance zone within the coming classes.

BTC falling once more?

If bitcoin fails to clear the $17,000 resistance, a contemporary decline may happen. Fast assist on the draw back is close to $16,800 and the channel pattern line.

The subsequent main assist is close to the $16,650 zone. It’s near the 50% Fib retracement level of the transfer higher from the $16,260 swing low to $17,067 high. A draw back break under the $16,650 assist would possibly require a decline in the direction of $16,260. Additional losses may propel the worth in the direction of $16,000.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 level.

Key assist ranges – $16,800 adopted by $16,650.

Main resistance ranges – $17,000, $17,200 and $17,500.