Bitcoin price declined further and traded below $16,500. BTC is correcting losses, but it could struggle to climb above the $16,700 and $17,000 resistance levels.
- Bitcoin extended its decline below the $17,000 and $16,500 support levels.
- The price is trading below $16,800 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could resume its decline unless there is a clear move above $17,000 and the 100 hourly SMA.
Bitcoin Price Signals Bearish Bias
Bitcoin price settled below the $17,200 support level to move into a bearish zone. BTC gained pace below the $17,000 and $16,800 support levels. The price even declined below the $16,500 support and settled below the 100 hourly simple moving average.
It tested the $16,200 zone. A low is formed near $16,260 and the price is now correcting losses. There was a minor increase above the $16,500 resistance zone. The price climbed above the 50% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low.Bitcoin price is now trading below $16,800 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,650 zone. There is also a connecting bearish trend line forming with resistance near $16,650 on the hourly chart of the BTC/USD pair.
The trend line is near the 61.8% Fib retracement level of the recent drop from the $16,865 swing high to $16,260 low. The first major resistance is near the $16,800 zone and the 100 hourly simple moving average.