- Bitcoin attempted an upside break above the $17,000 resistance but failed.
- The price is trading above $16,300 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair could fall further if it breaks the $16,000 support zone.
The bitcoin price war continues
Bitcoin price attempted a recovery wave from the $15,500 support zone. BTC scaled above the $16,000 and $16,500 resistance levels.
It even settled above the $16,300 level and the 100 hourly simple moving average. However, the bears have been active near the $16,800 zone. It seems like the price has faced another major rejection near $16,800 and is forming a double top pattern.
Bitcoin price started a fresh decline from the $16,800 zone. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC/USD pair.
It is now approaching the 23.6% Fib retracement level of the recent surge from the $15,470 low to the $16,791 high. Also, it is trading above $16,300 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 $16,800 zone. A successful move above the $16,800 resistance could start a genuine recovery wave. The next major resistance is $17,000, above which the price might pick up pace for a move towards the $17,500 zone.
BTC falling again?
If bitcoin fails to scale above the $16,800 resistance, it could continue lower. Immediate support on the downside is near $16,280 and the 100 hourly simple moving average.
The next major support is near the $16,130 zone or the 50% Fib retracement level of the recent rally from the $15,470 swing low to $16,791 high, below which the price could gain bearish momentum. In the mentioned case, the price could drop towards the $15,500 support zone.
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 below the 50 level.
Key support levels – $16,280 followed by $16,130.
Major resistance levels – $16,800$17,000 and $18,000.
Source: Crypto News Deutsch