Bitcoin Price Slips Under $17,000 – Quick Technical Outlook
Bitcoin price fell after failing to clear the $17,300 mark. In the coming sessions, BTC may see substantial buying demand between $16,900
Bitcoin price fell after failing to clear the $17,300 mark. In the coming sessions, BTC may see substantial buying demand between $16,900 and $16,700. Bitcoin’s price was able to break through the $17,000 resistance level.
However, the BITCOIN price needed to pick up more speed to climb above $17,300 and $17,450. A high was made near $17,292, and the price began to fall again.
There was a noticeable decline between $17,100 and $17,000. The price fell below the 50% Fib retracement level of the upward run from the swing low of $16,700 to the high of $17,292. The Bitcoin price is currently trading below $17,000 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a key negative trend line is forming with resistance near $17,150. The pair is now reaching the 61.8% Fib retracement level of the upward advance from the swing low of $16,700 to the high of $17,292.
Bitcoin (BTC/USD) Technical Outlook
On the upside, an initial resistance level is near $17,050. The first major barrier is between the $17,150 area and the trend line, above which the price may begin to rise again.
In the aforementioned scenario, the price might move toward the $17,300 resistance. The next big barrier is near $17,450, above which the price will rise in the near term toward the $18,000 zone.
If Bitcoin fails to break through the $17,150 barrier level, it may suffer further losses. On the downside, there is immediate support near $16,900. The next key support level is at $16,700, the last swing low.
A breach below the $16,700 support level could signal a slide toward $16,500. Any further declines could bring the price towards $16,200 in the short term.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals