Bitcoin Price Faces Rejection, Why BTC Could Resume Its Downtrend
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Bitcoin price struggled to clear the $17,000 resistance. BTC seems to be forming a double top pattern and might dive below the $16,000 support.
Bitcoin attempted an upside break above the $17,000 resistance, but failed.
The price is trading above $16,300 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to decline if it breaks the $16,000 support zone.
Bitcoin price attempted a recovery wave from the $15,500 support zone. BTC climbed above the $16,000 and $16,500 resistance levels.
It even settled above the $16,300 level and the 100 hourly simple moving average. However, the bears were active near the $16,800 zone. It seems like the price faced another major rejection near the $16,800 level and is forming a double top pattern.
Bitcoin price started a fresh decline from the $16,800 zone. There was a break below a key bullish trend line with support near $16,420 on the hourly chart of the BTC/USD pair.
It is now approaching the 23.6% Fib retracement level of the recent increase from the $15,470 swing low to $16,791 high. Besides, it is trading above $16,300 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,600 level.
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