Bitcoin Steady Under $17,000 – Quick Technical Outlook

Bitcoin traded above the $17,000 resistance level. BTC is correcting gains and may fall to the $16,650 support level in the short term. Bitcoin’s price attempted to rise steadily above the $17,000 barrier level. It even surpassed the $17,200 mark and closed above the 100 hourly simple moving average.

The bears, on the other hand, were active above the $17,200 barrier. Before the price began to fall, a peak near $17,319 was achieved. The BITCOIN price fell below the $17,000 support level. The price fell below the 23.6% Fib retracement level of the upward trend from the swing low of $16,000 to the high of $17,319.

Furthermore, on the hourly chart of the BTC/USD pair, there was a breach below a strong bullish trend line with support near $16,980. The bitcoin price remains above $16,650 and the 100 hourly simple moving average.

Bitcoin (BTC/USD) Technical Outlook

On the upside, an immediate resistance level is near $17,000. The first big obstacle is near $17,250, and the price may begin another steady rise. In the aforementioned scenario, the price might move toward the $17,800 resistance.

The next big barrier is near $18,800, and the market may attempt a short-term rise toward the $19,500 zone. If bitcoin fails to break through the $17,000 barrier level, there could be further drawbacks. On the downside, there is immediate support near $16,800. The next significant support level is $16,650.

The 50% Fib retracement level of the upward run from the swing low of $16,000 to the high of $17,319 is also around the $16,650 support. A break underneath the $16,650 support level may signal a move toward $16,500. Any further losses could potentially test the critical $16,000 support zone in the near term.

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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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