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

Bitcoin rate extended its decrease listed below the $17,000 level. BTC might prevent a significant drop if it closes above the $17,000 resistance zone.

• Bitcoin stayed in a bearish zone and traded listed below the $17,000 assistance.
• The rate is trading listed below $17,000 and the 100 per hour easy moving average.
• There is a crucial bearish pattern line forming with resistance near $16,920 on the per hour chart of the BTC/USD set (information feed from Kraken).
• The set is revealing a couple of bearish indications listed below the $17,000 pivot level.

Bitcoin Cost Is Revealing Bearish Indications

Bitcoin rate stopped working to remain in a favorable zone above the $17,000 pivot level. BTC bears were active and there was a push listed below the $16,800 assistance zone.

The rate checked the $16,700 level and settled listed below the 100 per hour easy moving average. A low is formed near $16,700 and the rate is now combining losses. There was a small boost above the $16,800 resistance level.

Bitcoin rate climbed up above the 23.6% Fib retracement level of the current decrease from the $17,130 swing high to $16,700 low. It is now trading listed below $17,000 and the 100 per hour easy moving average. There is likewise a crucial bearish pattern line forming with resistance near $16,920 on the per hour chart of the BTC/USD set.

On the benefit, an instant resistance is near the $16,920 level and the bearish pattern line. It is near the 50% Fib retracement level of the current decrease from the $17,130 swing high to $16,700 low.

Source: BTCUSD on TradingView.com

The very first significant resistance is near the $17,000 zone, above which the rate might possibly begin another consistent boost. In the specified case, the rate might increase towards the $17,200 resistance. The next significant resistance is near $17,450, above which the rate increase towards the $18,000 zone in the near term.

More Losses in BTC?

If bitcoin stops working to begin a fresh boost above the $17,000 resistance, there might be more disadvantages. An instant assistance on the drawback is near the $16,700 level.

The next significant assistance is near the $16,500 zone. A disadvantage break listed below the $16,500 assistance may call a drop towards $16,000. Anymore losses may press the rate towards the $15,500 pivot zone in the near term.

Technical signs:

Per Hour MACD– The MACD is now losing rate in the bearish zone.

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

Significant Assistance Levels– $16,700, followed by $16,500.

Significant Resistance Levels– $16,920, $17,000 and $17,200.