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Saturday, January 28, 2023
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    HomeMarketBitcoin Price Could Avoid Another Downtrend if it Closes Above One Key...

    Bitcoin Price Could Avoid Another Downtrend if it Closes Above One Key Level

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    Bitcoin worth prolonged its decline under the $17,000 degree. BTC may keep away from a serious drop if it closes above the $17,000 resistance zone.

    • Bitcoin remained in a bearish zone and traded under the $17,000 help.
    • The worth is buying and selling under $17,000 and the 100 hourly easy shifting common.
    • There’s a key bearish pattern line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair is exhibiting a couple of bearish indicators under the $17,000 pivot degree.

    Bitcoin Worth Is Exhibiting Bearish Indicators

    Bitcoin worth failed to remain in a optimistic zone above the $17,000 pivot degree. BTC bears have been energetic and there was a push under the $16,800 support zone.

    The worth examined the $16,700 degree and settled under the 100 hourly easy shifting common. A low is fashioned close to $16,700 and the value is now consolidating losses. There was a minor enhance above the $16,800 resistance degree.

    Bitcoin worth climbed above the 23.6% Fib retracement degree of the latest decline from the $17,130 swing excessive to $16,700 low. It’s now buying and selling under $17,000 and the 100 hourly easy shifting common. There may be additionally a key bearish pattern line forming with resistance close to $16,920 on the hourly chart of the BTC/USD pair.

    On the upside, an immediate resistance is close to the $16,920 degree and the bearish pattern line. It’s close to the 50% Fib retracement degree of the latest decline from the $17,130 swing excessive to $16,700 low.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary main resistance is close to the $17,000 zone, above which the value could maybe begin one other regular enhance. Within the said case, the value may rise in the direction of the $17,200 resistance. The subsequent main resistance is close to $17,450, above which the value rise in the direction of the $18,000 zone within the close to time period.

    Extra Losses in BTC?

    If bitcoin fails to start out a recent enhance above the $17,000 resistance, there might be extra downsides. An instantaneous help on the draw back is close to the $16,700 degree.

    The subsequent main help is close to the $16,500 zone. A draw back break under the $16,500 help may name a drop in the direction of $16,000. Any extra losses may push the value in the direction of the $15,500 pivot zone within the close to time period.

    Technical indicators:

    Hourly MACD – The MACD is now dropping tempo within the bearish zone.

    Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now close to the 50 degree.

    Main Assist Ranges – $16,700, adopted by $16,500.

    Main Resistance Ranges – $16,920, $17,000 and $17,200.



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