Bitcoin price is still trading in a range below the $17,000 resistance. BTC could see a major breakout as New Year 2023 approaches.
- Bitcoin failed to break through the $17,000 and $17,200 resistance levels.
- The price is trading below $16,800 and the 100 hourly simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has broken below the main bullish trendline with support near $16,840.
- The pair could drop further if there is a clear move below the $16,550 support zone.
Bitcoin price revision support
The price of bitcoin made another attempt to break the $17,000 resistance zone. However, BTC has struggled to gain momentum for a clear move above the $17,000 level.
The high was formed around $16,962 before the price started another decline. There was a clear move below the $16,800 support zone and the 100 hourly simple moving average. In addition, the hourly chart of the BTC/USD pair broke below the main bullish trend line with support near $16,840.
The price of Bitcoin has tested a key support zone at $16,550. The low is formed around $16,561 and the price is now consolidating losses. It tested the 23.6% Fibonacci retracement level on a down move from the $16,962 swing high to $16,561 low.
On the other hand, immediate resistance lies near the $16,720 zone. The first major resistance lies near the $16,800 zone and the 100 hour SMA. It is close to the Fibonacci 61.8% retracement level of the down move from the $16,962 swing high to $16,561 low.
A source: BTCUSD on TradingView.com
The main barrier is still near the $17,000 level. A clear move above the $17,000 resistance could start a sustained wave of recovery. The next major resistance is near $17,200, above which the price rises to the $17,500 resistance zone. Further growth could trigger a move towards the $18,000 resistance zone.
More losses in BTC?
If bitcoin fails to overcome the $16,800 resistance, it could continue down. Immediate downside support is near the $16,550 level.
The next major support is near the $16,350 level. A break below the $16,350 support could send the pair to the $16,000 level. Any new losses could push the price up to $15,550.
Hourly MACD – Now the MACD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
The main support levels are $16,550 followed by $16,350.
The main resistance levels are $16,800, $17,000 and $17,200.