Bitcoin Price Consolidates In Key Range, What Could Trigger Next Move

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is still facing resistance below $17,000. BTC could decline heavily if there is a clear move below the $16,000 support zone.

Bitcoin is still showing bearish signs below the $16,800 and $17,000 resistance levels.
The price is trading above $16,500 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $16,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could resume its decline if there is a clear move below the $16,000 support.

Bitcoin Price Remains In Downtrend

Bitcoin price spiked below the $16,500 support zone. However, BTC bulls were active above the $16,200 level. The price traded as low as $16,325 and recently started an upside correction.

There was a minor recovery wave above the $16,500 level. The price climbed above the $16,600 level and the 100 hourly simple moving average. However, the bears were active near the $16,680 zone. A high was formed near $16,683 and the price corrected lower.

Bitcoin price declined below 23.6% Fib retracement level of the upward move from the $16,325 low to $16,683 high. It found support near the $16,500 level.

The price is trading above the 50% Fib retracement level of the upward move from the $16,325 low to $16,683 high. It is also above $16,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,600 level.

Source: BTCUSD on TradingView.com

The first major resistance is near the $16,680 zone. The next major resistance is near the $16,800 level. The key breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance might start a fresh increase in the near term.

Fresh Decline in BTC?

If bitcoin fails to start a recovery wave above the $16,650 resistance, it could start another decline. An immediate support on the downside is near the $16,500 level.

The next major support is near the $16,350 level. A clear move below the $16,350 support might spark a move towards the $16,000 level. Any more losses might send the price towards $15,500.

Technical indicators:

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

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

Major Support Levels – $16,500, followed by $16,350.

Major Resistance Levels – $16,600, $16,800 and $17,000.

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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