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Bitcoin

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

Aayush Jindal by Aayush Jindal
3 months ago
in BTC
Reading Time: 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.

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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.

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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.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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