Bitcoin Price Prediction: This Scenario Will Trigger A Fresh Drop

Bitcoin rate had a hard time to clear the $16,800 resistance. BTC is moving lower and there is a threat of more losses listed below the $16,000 assistance zone.

• Bitcoin tried an upside break above the $16,800 resistance, however stopped working.
• The rate is trading listed below $16,500 and the 100 per hour easy moving average.
• There is a significant bearish pattern line forming with resistance near $16,550 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 Rate Deals With Rejection

Bitcoin rate tried an upside break above the $16,800 resistance zone. BTC had a hard time to acquire speed for a relocation above the $16,800 resistance and formed a double leading pattern.

There was a sluggish and stable decrease from the $16,791 high. There was a relocation listed below the $16,500 and $16,400 levels. The bears had the ability to press the rate listed below the 23.6% Fib retracement level of the upward relocation from the $15,470 swing low to $16,790 high.

Bitcoin rate is now trading listed below $16,500 and the 100 per hour easy moving average. There is likewise a significant bearish pattern line forming with resistance near $16,550 on the per hour chart of the BTC/USD set.

The rate is now combining near the 50% Fib retracement level of the upward relocation from the $15,470 swing low to $16,790 high. On the benefit, an instant resistance is near the $16,300 level.

Source: BTCUSD on TradingView.com

The very first significant resistance is near the $16,500 zone, the 100 per hour easy moving average, and the highlighted bearish pattern line. An effective relocation above the $16,500 resistance may send out the rate even more greater. The next significant resistance is near $16,800, above which the rate might acquire speed for a relocation towards the $17,500 zone.

More Losses in BTC?

If bitcoin stops working to climb up above the $16,500 resistance, it might continue to move down. An instant assistance on the disadvantage is near the $16,100 level.

The next significant assistance is near the $16,000 zone, listed below which the rate may acquire bearish momentum. In the mentioned case, the rate may drop towards the $15,500 assistance zone.

Technical indications:

Per Hour MACD– The MACD is now getting speed 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– $16,100, followed by $16,000.

Significant Resistance Levels– $16,500, $16,800 and $17,000.