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.
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.