Bitcoin buyers were trying to break the minor resistance in the $16,650-$16,680 range, and they have succeeded.
Currently, the $16,680 resistance has been broken. Now, there is another major resistance in the upward path of Bitcoin, which is at the point of $16,800. If this resistance is broken and the price stabilizes above it, the next target is $17,000. A clear move above the $17,000 resistance might start a fresh increase soon.
On the opposite side, if BTC fails to stabilize above the $16,680 resistance (and this is a fake breakout), the first support after $16,650 is in the $16,350 range. The next support is $16,000. Any more losses might send the price towards $15,500.
You can act to open long or short positions by breaking the resistances and supports. Be sure to use tight stop-loss in your transactions.
Currently, the $16,680 resistance has been broken. Now, there is another major resistance in the upward path of Bitcoin, which is at the point of $16,800. If this resistance is broken and the price stabilizes above it, the next target is $17,000. A clear move above the $17,000 resistance might start a fresh increase soon.
On the opposite side, if BTC fails to stabilize above the $16,680 resistance (and this is a fake breakout), the first support after $16,650 is in the $16,350 range. The next support is $16,000. Any more losses might send the price towards $15,500.
You can act to open long or short positions by breaking the resistances and supports. Be sure to use tight stop-loss in your transactions.
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We'll keep this post updated in case a major change happens!
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Sellers are trying to push the price below the $16,680 range. We can see this in the previous candle.
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Negative RSI divergences indicate a price correction
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In the four-hour time frame, the trend is still under selling pressure after each rise.
A corrective pattern is forming below the important 16,936-17,020 area, which shows the strength of this range.
A corrective pattern is forming below the important 16,936-17,020 area, which shows the strength of this range.
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The general sentiment among Bitcoin traders is bearish, and it is recommended to wait for confirmation before buying.
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