Bitcoin Struggles Under $17,000 – Quick Daily Outlook

Bitcoin’s price struggled to break through the $17,000 barrier. BTC appears to be creating a double-top pattern and may go below the $16,000 support level. Bitcoin struggled to rebound from the $15,500 support level. BTC has surpassed the $16,000 and $16,500 barrier levels.

It even broke through $16,300 and the 100 hourly simple moving average. The bears, on the other hand, were active near the $16,800 mark. The price appears to have seen another strong rejection near the $16,800 mark and is developing a double-top pattern. Bitcoin’s price began a new drop from the $16,800 level.

Bitcoin (BTC/USD) Technical Outlook

On the hourly chart of the BTC/USD pair, there was a breach below a crucial bullish trend line with support near $16,420.It’s getting close to the 23.6% Fibonacci retracement level of the latest rise from the $15,470 swing low to the $16,791 high. Furthermore, it trades 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 located near $16,800. A successful break above the $16,800 resistance level could signal the start of a genuine recovery wave. The next big barrier is near $17,000, at which point the price may accelerate toward the $17,500 zone. If bitcoin is unable to break through the $16,800 barrier, it may continue to fall.

On the downside, there is immediate support near the $16,280 level and the 100 hourly simple moving average. The next key support is in the $16,130 zone, or the 50% Fib retracement level of the recent rise from the $15,470 swing low to the $16,791 high, below which the price may begin to decline. In the aforementioned scenario, the price could fall toward the $15,500 support zone.

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.

Related Articles

Forex Signals Brief April 9: Can S&P 500 Make the Break Today and Close A great Week?

3 hours ago

Save

Solana Surges Past $160 as SOL Strategies Pioneers Tokenized Equities on Blockchain

6 hours ago

Save

Ethereum Price Prediction After Pectra Upgrade: $3,000 Next Target?

6 hours ago

Save

Comments

0 0 votes

Article Rating

Subscribe

Login

Notify of

new follow-up commentsnew replies to my comments

Please login to comment

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments