[vc_row][vc_column][vc_column_text]Bitcoin price is struggling to clear the $17,000 resistance zone. BTC must stay above $16,000 to avoid more losses in the near term.
- Bitcoin is still consolidating above the $16,350 and $16,000 support levels.
- The price is trading just above $16,500 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a recovery wave if it clears the $17,000 resistance zone.
Bitcoin Price Faces Resistance
Bitcoin price made an attempt to gain strength above the $17,000 resistance zone. However, BTC struggled to remain stable above the $17,000 level.
The price traded as high as $17,098 and recently started a slow decline. There was a move below the $16,800 and $16,650 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $15,833 swing low to $17,098 high.Bitcoin price is now trading just above $16,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,750 level. There is also a major bearish trend line forming with resistance near $16,750 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance could set the pace for a decent recovery wave.
