Bitcoin Price Grinds Lower, Why The Bears Are Not Done Yet

Bitcoin rate is gradually moving lower towards $15,500. BTC stays at a threat of more losses unless it settles above the $17,000 resistance zone.

• Bitcoin began a fresh decrease listed below the $16,500 and $16,400 levels.
• The rate is trading listed below $16,500 and the 100 per hour easy moving average.
• There is a crucial bearish pattern line forming with resistance near $16,390 on the per hour chart of the BTC/USD set (information feed from Kraken).
• The set might begin a good boost if there is a relocation above the $16,500 resistance zone.

Bitcoin Rate Restarts Decrease

Bitcoin rate stopped working to acquire rate above the $17,000 resistance. BTC had a hard time to remain above the $16,650 level and began a fresh decrease.

The current swing high was formed near $16,795 prior to the rate dropped listed below the $16,500 assistance. There was a close listed below the $16,500 zone and the 100 per hour easy moving average. The bears even pressed the rate towards the $16,150 level.

A low is formed near $16,156 and the rate is now combining losses. On the benefit, an instant resistance is near the $16,300 level. It is near the 23.6% Fib retracement level of the current decrease from the $16,795 swing high to $16,156 low.

The very first significant resistance is near the $16,400 zone. There is likewise a crucial bearish pattern line forming with resistance near $16,390 on the per hour chart of the BTC/USD set. The next significant resistance is near the $16,500 level. It is near the 50% Fib retracement level of the current decrease from the $16,795 swing high to $16,156 low.

Source: BTCUSD on TradingView.com

Bitcoin rate need to clear the pattern line resistance and after that the 100 per hour easy moving average to move into a favorable zone. The next significant resistance is near $17,000, above which the rate might acquire rate for a relocation towards the $18,000 zone.

More Losses in BTC?

If bitcoin stops working to acquire rate above the $16,400 resistance zone, it might continue to move down. An instant assistance on the drawback is near the $16,150 level.

The next significant assistance is near the $16,000 zone, listed below which the rate may evaluate the essential assistance at $15,500. A clear relocation listed below the $15,500 assistance may send out the rate even more lower.

Technical indications:

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 in the oversold zone.

Significant Assistance Levels– $16,150, followed by $16,000.

Significant Resistance Levels– $16,350, $16,400 and $16,500.