BTC / USD
66,921.67
6.88%
(+4309.66)
ETH / USD
3,549.32
2.48%
(+85.96)
XRP / USD
0.65
4.29%
(+0.03)
LTC / USD
89.07
2.42%
(-2.21)
EOS / USD
1.08
1.86%
(+0.02)
BCH / USD
462.70
1.59%
(-7.47)
ADA / USD
0.77
5.41%
(+0.04)
XLM / USD
0.15
9.81%
(+0.01)
NEO / USD
17.75
9.33%
(+1.51)
XEM / USD
0.05
5.52%
(0)
DASH / USD
39.33
3.14%
(+1.2)
USDT / USD
1.00
0.03%
(0)
BNB / USD
415.24
0.13%
(+0.55)
QTUM / USD
5.27
26.22%
(+1.09)
XVG / USD
0.01
0.88%
(-0)
ONT / USD
0.32
4.23%
(+0.01)
ZEC / USD
32.14
0.73%
(+0.23)
STEEM / USD
0.30
3.95%
(+0.01)

Bitcoin Price Could Avoid Another Downtrend if it Closes Above One Key Level

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Bitcoin price extended its decline below the $17,000 level. BTC could avoid a major drop if it closes above the $17,000 resistance zone.

  • Bitcoin remained in a bearish zone and traded below the $17,000 support.
  • The price is trading below $17,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing a few bearish signs below the $17,000 pivot level.

Bitcoin Price Is Showing Bearish Signs

Bitcoin price failed to stay in a positive zone above the $17,000 pivot level. BTC bears were active and there was a push below the $16,800 support zone.

The price tested the $16,700 level and settled below the 100 hourly simple moving average. A low is formed near $16,700 and the price is now consolidating losses. There was a minor increase above the $16,800 resistance level.

Bitcoin price climbed above the 23.6% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low. It is now trading below $17,000 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $16,920 on the hourly chart of the BTC/USD pair.

On the upside, an immediate resistance is near the $16,920 level and the bearish trend line. It is near the 50% Fib retracement level of the recent decline from the $17,130 swing high to $16,700 low.

Source: BTCUSD on TradingView.com

The first major resistance is near the $17,000 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,200 resistance. The next major resistance is near $17,450, above which the price rise towards the $18,000 zone in the near term.

More Losses in BTC?

If bitcoin fails to start a fresh increase above the $17,000 resistance, there could be more downsides. An immediate support on the downside is near the $16,700 level.

The next major support is near the $16,500 zone. A downside break below the $16,500 support might call a drop towards $16,000. Any more losses might push the price towards the $15,500 pivot zone in the near term.

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 – $16,700, followed by $16,500.

Major Resistance Levels – $16,920, $17,000 and $17,200.

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