Bitcoin Price Stuck In Key Range, Why The Bulls Remain In Action

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price failed to clear the $17,300 zone and corrected lower. BTC could find a strong buying interest near $16,900 or $16,700 in the coming sessions.

Bitcoin failed to gain pace for a move above $17,300 and $17,450.
The price is trading below $17,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $17,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could bounce back if it stays above the $16,900 and $16,700 support levels.

Bitcoin Price Remains Supported

Bitcoin price was able to clear the $17,000 resistance zone. However, the price failed to gain pace for a move above $17,300 and $17,450. A high was formed near $17,292 and the price started a fresh decline.

There was a clear move below the $17,100 and $17,000 levels. The price declined below the 50% Fib retracement level of the upward move from the $16,700 swing low to $17,292 high. Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average.

There is also a key bearish trend line forming with resistance near $17,150 on the hourly chart of the BTC/USD pair. The pair is now approaching the 61.8% Fib retracement level of the upward move from the $16,700 swing low to $17,292 high.

On the upside, an immediate resistance is near the $17,050 level. The first major resistance is near the $17,150 zone and the trend line, above which the price may perhaps start a fresh increase.

In the stated case, the price could rise towards the $17,300 resistance. The next major resistance is near $17,450, above which the price rise towards the $18,000 zone in the near term.

Downside Break in BTC?

If bitcoin fails to clear the $17,150 resistance, there could be more losses. An immediate support on the downside is near the $16,900 level.

The next major support is near the $16,700 zone or the last swing low. A downside break below the $16,700 support might call a drop towards $16,500. Any more losses might push the price towards the $16,200 zone in the near term.

Technical indicators:

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.

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.

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