Bitcoin Price Grinds Lower, Why The Bears Are Not Done Yet

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Bitcoin price is slowly moving lower towards $15,500. BTC remains at a risk of more losses unless it settles above the $17,000 resistance zone.

  • Bitcoin started a fresh decline below the $16,500 and $16,400 levels.
  • The price is trading below $16,500 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a decent increase if there is a move above the $16,500 resistance zone.

Bitcoin Price Restarts Decline

Bitcoin price failed to gain pace above the $17,000 resistance. BTC struggled to stay above the $16,650 level and started a fresh decline.

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The recent swing high was formed near $16,795 before the price dropped below the $16,500 support. There was a close below the $16,500 zone and the 100 hourly simple moving average. The bears even pushed the price towards the $16,150 level.

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A low is formed near $16,156 and the price is now consolidating losses. On the upside, an immediate resistance is near the $16,300 level. It is near the 23.6% Fib retracement level of the recent decline from the $16,795 swing high to $16,156 low.

The first major resistance is near the $16,400 zone. There is also a key bearish trend line forming with resistance near $16,390 on the hourly chart of the BTC/USD pair. The next major resistance is near the $16,500 level. It is near the 50% Fib retracement level of the recent decline from the $16,795 swing high to $16,156 low.

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Source: BTCUSD on TradingView.com

Bitcoin price must clear the trend line resistance and then the 100 hourly simple moving average to move into a positive zone. The next major resistance is near $17,000, above which the price could gain pace for a move towards the $18,000 zone.

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More Losses in BTC?

If bitcoin fails to gain pace above the $16,400 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,150 level.

The next major support is near the $16,000 zone, below which the price might test the key support at $15,500. A clear move below the $15,500 support might send the price further lower.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the oversold zone.

Major Support Levels – $16,150, followed by $16,000.

Major Resistance Levels – $16,350, $16,400 and $16,500.

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Author: Aayush Jindal


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