Bitcoin’s price struggled to break beyond the $16,800 barrier. BTC is falling, and additional losses are possibly below the $16,000 support level. BITCOIN attempted to break above the $16,800 barrier level. BTC failed to generate traction for a move above the $16,800 resistance level, forming a double top formation.
From the high of $16,791, there was a slow and steady drop. The price fell below the $16,500 and $16,400 thresholds. Price was pushed below the 23.6% Fib retracement line of the upward run from the $15,470 swing low to the $16,790 high by the bears.
The bitcoin price is currently trading below $16,500 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $16,550.
BTC/USD
Bitcoin (BTC/USD) Technical Outlook
The price is now holding near the 50% Fib retracement level of the upward advance from the swing low of $15,470 to the high of $16,790. On the upside, an immediate resistance level is near $16,300.
The first big barrier is located near the $16,500 level, the 100 hourly simple moving average, and the highlighted bearish trend line. A successful break just above the $16,500 resistance level might propel the price even higher. The next big barrier is near $16,800, at which point the price may accelerate toward the $17,500 zone. If bitcoin fails to break through the $16,500 barrier, it may continue to fall. On the downside, there is immediate support near the $16,100 level.
The next key support is near $16,000, beyond which the price may begin to fall. In the aforementioned scenario, the price could fall toward the $15,500 support zone.
Read More:Bitcoin Breaks Under $16,400 – Is It Going After $15,500?
2022-11-28 06:30:57
