Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend

Bitcoin rate had a hard time to clear the $17,000 resistance. BTC appears to be forming a double leading pattern and may dive listed below the $16,000 assistance.

• Bitcoin tried an upside break above the $17,000 resistance, however stopped working.
• The rate is trading above $16,300 and the 100 per hour easy moving average.
• There was a break listed below a crucial bullish pattern line with assistance near $16,420 on the per hour chart of the BTC/USD set (information feed from Kraken).
• The set might continue to decrease if it breaks the $16,000 assistance zone.

Bitcoin Cost Battle Continues

Bitcoin rate tried a healing wave from the $15,500 assistance zone. BTC climbed up above the $16,000 and $16,500 resistance levels.

It even settled above the $16,300 level and the 100 per hour easy moving average. Nevertheless, the bears were active near the $16,800 zone. It looks like the rate dealt with another significant rejection near the $16,800 level and is forming a double leading pattern.

Bitcoin rate began a fresh decrease from the $16,800 zone. There was a break listed below a crucial bullish pattern line with assistance near $16,420 on the per hour chart of the BTC/USD set.

It is now approaching the 23.6% Fib retracement level of the current boost from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the 100 per hour easy moving average. On the advantage, an instant resistance is near the $16,600 level.

Source: BTCUSD on TradingView.com

The very first significant resistance is near the $16,800 zone. An effective relocation above the $16,800 resistance may begin a genuine healing wave. The next significant resistance is near $17,000, above which the rate might get rate for a relocation towards the $17,500 zone.

Fresh Decrease in BTC?

If bitcoin stops working to climb up above the $16,800 resistance, it might continue to move down. An instant assistance on the disadvantage is near the $16,280 level and the 100 per hour easy moving average.

The next significant assistance is near the $16,130 zone or the 50% Fib retracement level of the current boost from the $15,470 swing low to $16,791 high, listed below which the rate may get bearish momentum. In the specified case, the rate may drop towards the $15,500 assistance zone.

Technical signs:

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

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

Significant Assistance Levels– $16,280, followed by $16,130.

Significant Resistance Levels– $16,800, $17,000 and $18,000.