spot_img
Thursday, February 2, 2023
More
    HomeMarketBitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $17K

    Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $17K

    -


    Bitcoin worth declined additional and traded beneath $16,500. BTC is correcting losses, nevertheless it may battle to climb above the $16,700 and $17,000 resistance ranges.

    • Bitcoin prolonged its decline beneath the $17,000 and $16,500 assist ranges.
    • The worth is buying and selling beneath $16,800 and the 100 hourly easy shifting common.
    • There’s a connecting bearish development line forming with resistance close to $16,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may resume its decline except there’s a clear transfer above $17,000 and the 100 hourly SMA.

    Bitcoin Worth Indicators Bearish Bias

    Bitcoin worth settled beneath the $17,200 assist degree to maneuver right into a bearish zone. BTC gained tempo beneath the $17,000 and $16,800 assist ranges. The worth even declined beneath the $16,500 assist and settled beneath the 100 hourly easy shifting common.

    It examined the $16,200 zone. A low is fashioned close to $16,260 and the worth is now correcting losses. There was a minor enhance above the $16,500 resistance zone. The worth climbed above the 50% Fib retracement degree of the latest drop from the $16,865 swing excessive to $16,260 low.

    Bitcoin worth is now buying and selling beneath $16,800 and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $16,650 zone. There may be additionally a connecting bearish development line forming with resistance close to $16,650 on the hourly chart of the BTC/USD pair.

    The development line is close to the 61.8% Fib retracement degree of the latest drop from the $16,865 swing excessive to $16,260 low. The primary main resistance is close to the $16,800 zone and the 100 hourly easy shifting common.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    A transparent transfer above the $16,800 resistance would possibly name for a transfer in direction of the $17,000 resistance. The following main resistance is close to $17,240, above which the worth would possibly achieve tempo and rise in direction of the $18,000 degree.

    Extra Downsides in BTC?

    If bitcoin fails to clear the $16,800 resistance, there may very well be extra downsides. A right away assist on the draw back is close to the $16,400 degree.

    The following main assist is close to the $16,250 zone. A draw back break beneath the $16,250 assist would possibly name for a drop in direction of the $16,000 degree. Any extra losses would possibly ship the worth in direction of $15,500.

    Technical indicators:

    Hourly MACD – The MACD is now shedding 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 – $16,250, adopted by $16,000.

    Main Resistance Ranges – $16,650, $16,800 and $17,000.



    Source link

    Related articles

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    spot_img

    Latest posts