Bitcoin price started a fresh decline below the ,000 zone against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There was a break below a connecting bullish trend line with support near ,825 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could continue to move down if it stays below the ,000 resistance zone. Bitcoin price is struggling below ,000 against the US Dollar. BTC might extend losses if it stays below the ,000 and ,200 resistance levels. Bitcoin Price Analysis Bitcoin price started a fresh decline below the ,000 zone. There was a steady decline below the ,900 and ,800 support levels. Earlier, the price attempted an upside break, but the bears were
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- Bitcoin price started a fresh decline below the $17,000 zone against the US Dollar.
- The price is now trading below $17,000 and the 55 simple moving average (4-hours).
- There was a break below a connecting bullish trend line with support near $16,825 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to move down if it stays below the $17,000 resistance zone.
Bitcoin price is struggling below $17,000 against the US Dollar. BTC might extend losses if it stays below the $17,000 and $17,200 resistance levels.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $17,000 zone. There was a steady decline below the $16,900 and $16,800 support levels. Earlier, the price attempted an upside break, but the bears were active near the $17,000 zone.
During the recent decline, there was a break below a connecting bullish trend line with support near $16,825 on the 4-hours chart of the BTC/USD pair. The decline gained pace below the $16,700 level and the 55 simple moving average (4-hours).
The bears even pushed the price below the 50% Fib retracement level of the upward move from the $16,273 swing low to $17,060 high.
The price is now trading below $16,800 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $16,800 level. The next major resistance might near the $17,000 zone. The first major resistance is near the $17,200 level.
A clear move above the $17,200 level might send the price towards $18,000, above which the price might rise towards the $18,500 level.
Any more gains might push the price towards the $19,000 zone. If there is no upside break, the price might continue to decline below $16,500. The next key support is near the $16,450 level or the 76.4% Fib retracement level of the upward move from the $16,273 swing low to $17,060 high, below which the price might accelerate lower.
In the stated case, the price could decline towards the $16,000 level. Any more losses might send the price towards the $15,500 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading below $17,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it stays below the $17,000 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $16,450 and $16,000.
Key Resistance Levels – $16,800, $17,000 and $17,200.