Bitcoin price is struggling to clear the $17,000 resistance. BTC remains exposed to another risk below the $16,000 support point before the end of the year. Bitcoin is showing bearish signs below the resistance levels of $17,000 and $17,200.
It retails for under $16,700 and has a 100 hour easy movement. There is a break above the downward trend and resistance near $16,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could resume its decline if it stays below the $17,000 resistance zone.
Bitcoin Price is Facing Resistance
Bitcoin price rose below the $16,800 support zone. BTC even extended its decline below the $16,700 level in the 100 hour easy moving average. The stock is trading as high as $16,453 and is currently at a loss. There is a move above the $16,500 and $16,550 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the high of $16,960 to the low of $16,453.
There is also a break above the resistance level near $16,610 on the hourly chart of the BTC/USD pair. However, the bitcoin price is currently trading below $16,700 in the 100 hour easy moving range.
On the upside, a quick stop is near the $16,650 level. The first resistance is seen near the $16,700 area and the 100 hour SMA. This corresponds to the 50% Fib retracement level of the recent swing low from the $16,960 swing low to the $16,453 low. The main breakout area is still near the $17,000 level. A clear move above the $17,000 resistance could initiate a temporary uptrend. The next major resistance is near $17,500, above which the price rises to the $18,000 resistance zone.
The new fall of BTC? If bitcoin does not stop starting a wave of recovery above the $16,700 resistance, it may start a new resistance. Immediate support at the bottom is near the $16,450 level or the recent low. The next major support is near the $16,250 level. A clear break below the $16,250 support could trigger a move to the $16,000 level. Any additional losses could raise the price to $15,500.
Technical Specifications
Hourly MACD – MACD is currently losing in bearish territory. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Main support level – $16,450, followed by $16,250. Key resistance – $16,700, $17,000 and $17,200.
