Bitcoin Choppy Session Continues – Quick Trade Plan Today

Bitcoin is fighting to break through the $17,000 resistance level. To avoid further losses in the near term, BTC must remain above $16,000. BITCOIN price attempted to break through the $17,000 barrier level. However, BTC still needs to maintain its stability over $17,000.

The price reached a peak of $17,098 before beginning a gradual drop. The price fell just below the $16,800 and $16,650 thresholds. The price fell underneath the 23.6% Fibonacci retracement level of the upward run from the swing low of $15,833 to the high of $17,098.

The price even dropped below $16,500. On the other hand, the bulls were active around the 50% Fib retracement level of the upward movement from the $15,833 swing low to the $17,098 high.

Bitcoin (BTC/USD) Technical Outlook

Bitcoin trades close to the $16,500 mark and the 100 hourly simple moving average. On the upswing, an immediate resistance level is near $16,750. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $16,750.

The first significant resistance is located near the $17,000 level. A decisive break over the $17,000 resistance level might lay the stage for a solid recovery wave. If bitcoin fails to break over the $17,000 resistance level, it may continue to fall. On the downside, immediate support is near the $16,600 level and the 100 hourly SMA.

The next significant support level is around $16,350. The main funding is around $16,000.00. A decisive break below the $16,000 support level could trigger another significant drop in the short term.

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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