Bitcoin Price Starts Technical Correction, Here’s Key Support To Watch

Bitcoin rate traded above the $17,000 resistance. BTC is remedying gains and may decrease towards the $16,650 assistance zone in the near term.

• Bitcoin got rate and cleared the $17,000 and $17,200 resistance levels.
• The rate is trading above $16,650 and the 100 per hour basic moving average.
• There was a break listed below a significant bullish pattern line with assistance near $16,980 on the per hour chart of the BTC/USD set (information feed from Kraken).
• The set might remedy lower towards the $16,650 and $16,500 assistance levels.

Bitcoin Cost Deals With Bears

Bitcoin rate tried a stable boost above the $17,000 resistance zone. It even broke the $17,200 level and settled above the 100 per hour basic moving average.

Nevertheless, the bears were active above the $17,200 level. A high was formed near $17,319 prior to the rate began a drawback correction. There was a relocation listed below the $17,000 assistance zone. The rate decreased listed below the 23.6% Fib retracement level of the upward relocation from the $16,000 swing low to $17,319 high.

Besides, there was a break listed below a significant bullish pattern line with assistance near $16,980 on the per hour chart of the BTC/USD set. Bitcoin rate is still trading above $16,650 and the 100 per hour basic moving average.

On the advantage, an instant resistance is near the $17,000 level. The very first significant resistance is near the $17,250 zone, above which the rate might possibly begin another consistent boost. In the specified case, the rate might increase towards the $17,800 resistance.

Source: BTCUSD on TradingView.com

The next significant resistance is near $18,800, above which the rate might try a relocation towards the $19,500 zone in the near term.

Dips Supported in BTC?

If bitcoin stops working to begin a fresh boost above the $17,000 resistance, there might be more drawbacks. An instant assistance on the drawback is near the $16,800 level. The next significant assistance is near the $16,650 zone.

The 50% Fib retracement level of the upward relocation from the $16,000 swing low to $17,319 high is likewise near the $16,650 assistance. A disadvantage break listed below the $16,650 assistance may require a relocation towards $16,500. Anymore losses may require a test of the essential $16,000 assistance 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 listed below the 50 level.

Significant Assistance Levels– $16,800, followed by $16,650.

Significant Resistance Levels– $17,000, $17,250 and $17,800.