Bitcoin price is struggling below $17,200 against the US Dollar. BTC might extend losses if it stays below the $17,200 and $17,350 resistance levels.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $17,800 zone. There was a steady decline below the $17,500 and $17,350 support levels.
The decline gained pace below the $17,200 level and the 55 simple moving average (4-hours). The bears even pushed the price below the $16,500 level. Besides, there was a break below a key bullish trend line with support near $17,180 on the 4-hours chart of the BTC/USD pair.
The price again tested the $16,250 support zone and is now correcting losses. There was a minor increase above the $16,700 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $18,385 swing high to $16,273 low.
The price is now trading below $17,200 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $17,200 level.
The next major resistance might near the $17,350 zone. It is close to the 50% Fib retracement level of the recent decline from the $18,385 swing high to $16,273 low. The first major resistance is near the $17,500 level. A clear move above the $17,500 level might send the price towards $18,000, above which the price might rise towards the $18,500 level.
Any more gains might push the price towards the $19,000 zone. If there is no upside break, the price might continue to decline below $16,700. The next key support is near the $16,500 level, below which the price might accelerate lower.
In the stated case, the price could decline towards the $16,200 level. Any more losses might send the price towards the $15,500 level.
Looking at the chart, bitcoin price is clearly trading below $17,200 and the 55 simple moving average (4-hours). Overall, the price could start another decline if it stays below the $17,350 resistance zone.
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now near the 50 level.
Key Support Levels – $16,500 and $16,200.
Key Resistance Levels – $17,200, $17,350 and $17,500.
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