Bitcoin Price Resists But Breaking This Resistance Could Encourage Bulls

Aayush Jindal

1 year ago

2 mins read

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[vc_row][vc_column][vc_column_text]Bitcoin price is struggling to clear the $17,000 resistance zone. BTC must stay above $16,000 to avoid more losses in the near term.

Bitcoin is still consolidating above the $16,350 and $16,000 support levels.
The price is trading just above $16,500 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a recovery wave if it clears the $17,000 resistance zone.

Bitcoin Price Faces Resistance

Bitcoin price made an attempt to gain strength above the $17,000 resistance zone. However, BTC struggled to remain stable above the $17,000 level.

The price traded as high as $17,098 and recently started a slow decline. There was a move below the $16,800 and $16,650 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high.

The price even spiked below the $16,500 level. However, the bulls were active near the 50% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high.

Bitcoin price is now trading just above $16,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,750 level. There is also a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair.

The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance could set the pace for a decent recovery wave.

Source: BTCUSD on TradingView.com

The next major resistance is near $17,500, above which the price could rise towards the $18,000 zone. Any more gains might send the price towards the $18,500 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to gain pace above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,600 level and the 100 hourly SMA.

The next major support is near the $16,350 zone. The main support is near the $16,000 zone. A clear move below the $16,000 support might spark another major decline in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $16,350, followed by $16,000.

Major Resistance Levels – $16,750, $17,000 and $17,500.[/vc_column_text][/vc_column][/vc_row]

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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