The price of Bitcoin struggled to break the $17,000 mark. BTC seems to be creating a double top pattern and it might drop below the $16,000 support level. Bitcoin struggled to recover from the $15,500 support level. BTC broke above the $16,000 and $16,500 barriers.
It even broke $16,300 and the 100 hourly simple moving average. On the other hand, the bears have been active near the $16,800 level. The price seems to have witnessed another strong rejection near $16,800 and it is developing a double top pattern. Bitcoin price started fresh decline from $16,800.
Bitcoin (BTC/USD) technical outlook.
There was a break below a crucial bullish trend line with support near $16,420 on the hourly chart of the BTC/USD pair. She is approaching the 23.6% Fibonacci-Retracement level of the recent rise from the $15,470 low to the $16,791 high. Above that, it is trading above $16,300 and the 100 hourly simple moving average.
On the upswing, an immediate resistance level is near $16,600.
The first significant Resistance is close to $16,800. A successful break above the $16,800 resistance level could signal the start of a genuine recovery wave. The next major barrier is at $17,000, at which point the price could accelerate towards the $17,500 zone. If Bitcoin fails to break through $16,800, it could fall further.
On the downside, there is immediate support near $16,280 and the 100 hourly simple moving average. The next key support is in the $16,130 area, or the 50% Fib retracement level of the recent rally from the $15,470 low to the $16,791 high, below which the price could start falling. In the above scenario, the price might drop towards the $15,500 support zone.
Source: Crypto News Deutsch