Bitcoin price is consolidating in the key area, which could trigger the next move

Of the Bitcoin-Price still bumps up Resistance under $17,000. BTC could fall sharply if there is a clear move below the $16,000 support zone.

• Bitcoin is still showing bearish signs below the $16,800 and $17,000 resistance levels.
• The price is trading above $16,500 and the 100 hourly simple moving average.
• There was a break above a key bearish trend line with resistance near $16,550 on the hourly chart of the BTC/USD pair (data feed by Kraken).
• The pair could continue its decline if there is a clear move below the $16,000 support.

Bitcoin price remains in downtrend

Bitcoin price surged below the $16,500 support zone. However, BTC bulls have been active above the $16,200 level. The price traded as low as $16,325 and recently started an upward correction.

There was a small recovery wave above the $16,500 level. The price scaled above $16,600 and the 100 hourly simple moving average. However, the bears have been active near the $16,680 zone. A high was formed at $16,683 and the price corrected lower.

Bitcoin price fell below the 23.6% Fib retracement level of the bullish move from the $16,325 low to the $16,683 high. It found support near the $16,500 level.

The price is trading above the 50% Fib retracement level of the bullish move from the $16,325 low to $16,683 high. It is also above $16,500 and the 100 hourly simple moving average. On the upside, there is immediate resistance near $16,600.

Source: BTCUSD on TradingView.com

The first major resistance is near the $16,680 zone. The next major resistance is near $16,800. The main breakout zone is still near the $17,000 level. A clear move above the $17,000 resistance could trigger a fresh increase in the near term.

BTC falling again?

If Bitcoin fails to start a recovery wave above the $16,650 resistance, it could trigger another decline. Immediate support on the downside is near $16,500.

The next major support is near the $16,350 level. A clear move below the $16,350 support might trigger a move towards the $16,000 level. Further losses could propel the price towards $15,500.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength index) – The RSI for BTC/USD is now near the 50 level.

Key support levels – $16,500 followed by $16,350.

Major resistance levels – $16,600, $16,800 and $17,000.