Bitcoin Price Could End The Year Further Lower, Key Resistance Intact

Bitcoin Price Could End The Year Further Lower, Key Resistance Intact

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Bitcoin cost is having a hard time to clear the $17,000 resistance. BTC stays at a threat of more drawbacks listed below the $16,000 assistance zone prior to the year end.

  • Bitcoin is revealing bearish indications listed below the $17,000 and $17,200 resistance levels.
  • The rate is trading listed below $16,700 and the 100 per hour easy moving average.
  • There was a break above a linking bearish pattern line with resistance near $16,610 on the per hour chart of the BTC/USD set (information feed from Kraken).
  • The set might resume its decrease if it remains listed below the $17,000 resistance zone.

Bitcoin cost got speed listed below the $16,800 assistance zone. BTC even extended its decrease listed below the $16,700 level and the 100 per hour basic moving average.

The rate traded as low as $16,453 and is presently remedying losses. There was a relocation above the $16,500 and $16,550 levels. The rate climbed up above the 23.6% Fib retracement level of the current decrease from the $16,960 swing high to $16,453 low.

There was likewise a break above a linking bearish pattern line with resistance near $16,610 on the per hour chart of the BTC/USD set. Bitcoin cost is now trading listed below $16,700 and the 100 per hour easy moving average.

On the advantage, an instant resistance is near the $16,650 level. The very first significant resistance is near the $16,700 zone and the 100 per hour SMA. It accompanies the 50% Fib retracement level of the current decrease from the $16,960 swing high to $16,453 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The essential breakout zone is still near the $17,000 level. A clear relocation above the $17,000 resistance may begin a constant boost in the near term. The next significant resistance is near $17,500, above which the cost increase towards the $18,000 resistance zone.

Fresh Decline in BTC?

If bitcoin stops working to begin a healing wave above the $16,700 resistance, it might begin another decrease. An instant assistance on the disadvantage is near the $16,450 level or the current low.

The next significant assistance is near the $16,250 level. A clear relocation listed below the $16,250 assistance may trigger a relocation towards the $16,000 level. Anymore losses may send out the rate towards $15,500.

Technical signs:

Per hour MACD– The MACD is now losing speed in the bearish zone.

Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is now near the 50 level.

Significant Support Levels– $16,450, followed by $16,250.

Significant Resistance Levels– $16,700, $17,000 and $17,200.

Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and monetary markets. He specialises in market techniques and technical analysis, and has actually invested over a DECADE as a monetary markets factor and observer. He has strong technical analytical abilities and is popular for his amusing and useful analysis of the currency, products, Bitcoin and Ethereum markets.

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