Bitcoin rate had a hard time to clear the $17,000 resistance. BTC appears to be forming a double leading pattern and may dive listed below the $16,000 assistance.
- Bitcoin tried an upside break above the $17,000 resistance, however stopped working.
- The rate is trading above $16,300 and the 100 per hour easy moving average.
- There was a break listed below a crucial bullish pattern line with assistance near $16,420 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set might continue to decrease if it breaks the $16,000 assistance zone.
Bitcoin Rate Battle Continues
Bitcoin rate tried a healing wave from the$15,500 support zone BTC climbed up above the $16,000 and $16,500 resistance levels.
It even settled above the $16,300 level and the 100 per hour easy moving average. Nevertheless, the bears were active near the $16,800 zone. It looks like the rate dealt with another significant rejection near the $16,800 level and is forming a double leading pattern.
Bitcoin rate began a fresh decrease from the $16,800 zone. There was a break listed below a crucial bullish pattern line with assistance near $16,420 on the per hour chart of the BTC/USD set.
It is now approaching the 23.6% Fib retracement level of the current boost from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the100 hourly simple moving average On the benefit, an instant resistance is near the $16,600 level.
Source: BTCUSD on TradingView.com
The very first significant resistance is near the $16,800 zone. An effective relocation above the $16,800 resistance may begin a genuine healing wave. The next significant resistance is near $17,000, above which the rate might acquire rate for a relocation towards the $17,500 zone.
Fresh Decrease in BTC?
If bitcoin stops working to climb up above the $16,800 resistance, it might continue to move down. An instant assistance on the drawback is near the $16,280 level and the 100 per hour easy moving average.
The next significant assistance is near the $16,130 zone or the 50% Fib retracement level of the current boost from the $15,470 swing low to $16,791 high, listed below which the rate may acquire bearish momentum. In the mentioned case, the rate may drop towards the $15,500 assistance zone.
Technical indications:
Per Hour MACD– The MACD is now getting rate in the bearish zone.
Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is now listed below the 50 level.
Significant Assistance Levels– $16,280, followed by $16,130
Significant Resistance Levels– $16,800, $17,000 and $18,000
Aayush Jindal Read More.
