Bitcoin Standstill Near $16,700 – Daily Technical Outlook

Bitcoin’s price has remained stable above the $16,000 mark. If there is a clear rise above the 100 hourly SMA, BTC might begin a decent comeback wave. Bitcoin’s price fell once more after failing to break through the $17,200 barrier. BTC fell below the $17,000 and $16,500 marks.

It even fell below the $16,200 mark. On the other hand, the bulls were active above the $16,000 support level. A low was created near $16,164, and the price began to rise gradually. The BITCOIN price rose above the $16,400 and $16,500 resistance levels. The price broke through the 50% Fib retracement level of the latest downturn from the swing high of $17,149 to the low of $16,154.

Bitcoin (BTC/USD) Technical Outlook

The Bitcoin price is currently trading below $17,000 and the 100 hourly simple moving average. It is approaching the 61.8% Fib retracement level of the latest slide from the swing high of $17,149 to the low of $16,154.

On the upside, an immediate resistance level is near $16,800. On the hourly chart of the BTC/USD pair, there is also a big negative trend line forming with resistance near $16,800, as well as the 100 hourly simple moving average. A clear break above the $17,000 resistance level might propel the price much higher. The next significant barrier is near $17,200, above which the price might test the $17,750 area.

Any further advances could push the price to the $18,000 barrier level. If bitcoin can’t start a recovery wave above the resistance level of $17,000, it may keep falling.

On the downside, there is immediate support near the $16,400 mark. The next significant support level is around $16,150. A decisive break below the $16,150 support level might lower the price. In this event, the price may fall toward the $15,550 support level.

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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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