Bitcoin Choppy Above $16,600; Is It a Good Time to Buy?
Bitcoin’s price has plummeted to below $17,000. BTC is adding to its losses and could still fall below the support level of $16,500. Bitcoin price began a new slide from the $18,400 resistance zone. BTC has been gaining ground below the $17,500 and $17,200 support levels.
The bears drove it below $17,000 and the 100 hourly simple moving average. It approached the $16,500 support level. The price has created a low near $16,541, and it is now consolidating losses. It rose a few points and traded above the $16,700 mark.
The bitcoin price currently trades below $17,000 and the 100 hourly simple moving average. On the upswing, an immediate resistance level is near $16,800. On the hourly chart of the BTC/USD pair, a strong negative trend line is forming with resistance near $16,800.
The first significant resistance is near $17,000 and the 100 hourly simple moving average. It is around the 23.6% Fib retracement level of the bearish move from the swing high of $18,387 to the swing low of $16,541.
Bitcoin (BTC/USD) Technical Outlook
A clear break just above the $17,000 resistance level may signal a move toward the $17,500 level. It is approaching the 50% Fib retracement level of the decline from the swing high of $18,387 to the swing low of $16,541. The next significant obstacle is near $17,800, above which the price may accelerate and reach $18,000.
There could be further repercussions if bitcoin cannot break through the $17,000 barrier. On the downside, there is immediate support near $16,600. The next big support level is at $16,500.
A fall below the $16,500 support level could result in more losses. In the aforementioned scenario, the price could fall towards the $16,000 support in the short term. Any further losses might push the price up to $15,500.