Bitcoin price failed to clear the $17,300 zone and it corrected lower. BTC could find strong buying interest near $16,900 or $16,700 in the coming sessions.
- Bitcoin failed to pick up pace for a move above $17,300 and $17,450.
- The price is trading below $17,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $17,150 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair could rally if it stays above the $16,900 and $16,700 support levels.
Bitcoin price continues to be supported
Bitcoin price managed to clear the $17,000 resistance zone. However, the price failed to gather pace for a move above $17,300 and $17,450. A high was formed at $17,292 and the price started a renewed decline.
There was a clear move below the $17,100 and $17,000 levels. The price fell below the 50% Fib retracement level of the bullish move from the $16,700 swing low to the $17,292 high. Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near $17,150 on the hourly chart of the BTC/USD pair. The pair is now approaching the 61.8% Fib retracement level of the upside move from the $16,700 swing low to the $17,292 high.
On the upside, there is an immediate resistance near $17,050. The first major resistance is near the $17,150 zone and the trend line, above which the price might start a fresh increase.
Source: BTCUSD on TradingView.com
In the mentioned case, the price might surge towards the $17,300 resistance. The next major resistance is at $17,450, above which the price will rally towards the $18,000 zone in the short term.
BTC downside?
If bitcoin fails to clear the $17,150 resistance, it could see more losses. Immediate support on the downside is near $16,900.
The next major support is near the $16,700 zone or the last swing low. A downside break below the $16,700 support could result in a drop towards $16,500. Further losses could propel the price towards the $16,200 zone in the short term.
Technical indicators:
Hourly MACD – The MACD is now picking up pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold territory.
Key Support Levels – $16,900 followed by $16,700.
Major resistance levels – $17,050, $17,150 and $17,450.
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