The Bitcoin price did not break the $17,300 mark and has since corrected lower. BTC could see strong buying interest in the near $16,900 zone or $16,700 during the next sessions.
- Bitcoin was unable to move at a pace above $17.300 and $17.450.
- The price traded below $17,000 as is the simple moving average 100 hours per hour.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $17.150 (data feed from Kraken).
- If the pair remains above $16,900 or $16,700 support levels, it could rebound.
Bitcoin Price Remains Supported
Bitcoin prices were able to break the $17,000 resistance zone. The price did not move fast enough to surpass $17.300 or $17.450. The price fell to $17.292, after which a new high was reached.
Clear movement was seen below $17,100 and $17,000 levels. The price fell below 50% Fib retracement levels of the upward movement from $16,700 swing high to $17,292 low. Bitcoin prices are now below $17,000 and the 100 hourly simple movement average.
On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance at $17.150. The pair is now nearing the 61.8% Fib level of the upward movement from $16,700 swing lows to $17,292 highs.
The $17.050 level provides immediate resistance. The trend line and $17,150 are the first major resistances. Above which, the price could possibly start a new increase.
Source: BTCUSD on TradingView.com
The price could reach $17,300 in the above scenario. Near $17,450 is the next major resistance, and above that the price could rise to the $18,000 area in the near future.
BTC Downside Break
There could be further losses if bitcoin fails to break the $17.150 resistance. Support for the downside is at the $16,900 mark.
The $16,700 support zone is the next major support. This also marks the end of the swing low. A decline below the $16,700 support could trigger a drop to $16,500. In the short term, any further losses could push the price towards $16,200.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold zone.
Major Support Levels – $16,900, followed by $16,700.
Major Resistance Levels – $17,050, $17,150 and $17,450.