Bitcoin price is still struggling below $17,000. BTC remains at a risk of a fresh decline unless there is a clear move above the $17,200 resistance zone.
Bitcoin is facing a strong resistance near $17,000 and $17,200.
The price is trading above $16,800 and the 100 hourly simple moving average.
There is a new declining channel forming with resistance near $16,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could attempt a recovery wave if there is a clear move above the $17,200 resistance zone.
Bitcoin Price Struggle Continues
Bitcoin price started an upside correction from the $16,250 zone. BTC managed to recover a few points and was able to settle above the $16,600 level.
There was a clear move above the $16,800 resistance and the 100 hourly simple moving average. The price even attempted an increase above the $17,000 resistance, but the bears were active. A high was formed near $17,067 and the price is consolidating in a range.
There was a minor decline below the 23.6% Fib retracement level of the upward wave from the $16,261 swing low to $17,067 high. Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average.
On the upside, an immediate resistance is near the $16,900 zone. There is also a new declining channel forming with resistance near $16,900 on the hourly chart of the BTC/USD pair. The first major resistance is near the $17,000 zone.
Source: BTCUSD on TradingView.com
The main hurdle seems to be forming near the $17,200 and $17,250 levels. A clear move above the $17,250 resistance might call for a move towards the $17,500 resistance. The next major resistance is near $18,000, above which the price climb towards the $18,450 resistance zone.
Fresh Drop in BTC?
If bitcoin fails to clear the $17,200 resistance, there could be a fresh drop. An immediate support on the downside is near the $16,700 level and the channel trend line.
The next major support is near the $16,625 level or the 50% Fib retracement level of the upward wave from the $16,261 swing low to $17,067 high. A downside break below the $16,625 support might call for a move towards the $16,370 level. Any more losses might send the price towards $16,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $16,700, followed by $16,370.
Major Resistance Levels – $17,000, $17,200 and $17,500.
