Bitcoin can avoid a downtrend if the price is close to a level above a major level

Bitcoin seems to be experiencing a downtrend. This is illustrated by the failure of BTC to maintain its price above US$17,000 and instead fell to US$16,800.

The price movement at US $ 16,700 in 100 hours is expected to move on an average basis.

The lowest value is expected to form close to US $ 16,700 and prices are currently consolidating losses.

However, there was a small increase above US$16,800 at the resistance level.

Bitcoin price increased above 23.6 percent in the past.

However, the current price decreased from US$17,130 to US$16,700. There is also a trend line formed with resistance close to US$16,920 on the BTC/USD chart.

On a different side, there is resistance approaching the US$16,920 level and the trend is bearish.

There is a 50 percent retracement level to the recent decline, from US$17,130 to US$16,700.

Major resistance earlier was close to the US$17,000 zone. If it passes this value then a stable value will be formed.

If this happens, the price will increase to a new resistance of US $ 17,200.

Then, the next major resistance could be close to US$17,450 where the price could increase to US$18,000 in the near future, quoted from Newsbtc.

Will Bitcoin Downtrend Make It Loser More?
If Bitcoin fails to get a fresh start above the US$17,000 resistance, it will see a downside.

Temporary support is dropping to near the US$16,700 level.

The next major support zone is near US$16,500. Of course there is a drop below the support level of US$16,500 which will make the price decrease to US$16,000.

Further price drops will push the BTC price down to US$15,500 in the near term.

When viewed from various recent technical indicators, the BTC price movements that occur are as follows:

• MACD — This indicator depicts BTC which is in the bearish zone.
• RSI (Relative Strength Index) — The RSI for BTC/USD is now approaching the 50 level.
• Key support level — US$16,700 which will be followed by US$16,500.
• Key resistance levels — US$16,920, US$17,000 and US$17,200.

Of course the movement of the BTC value is influenced by many things. However, current conditions illustrate that crypto winter is still ongoing.

Therefore, the condition of Bitcoin which is still downtrend requires traders to continue to be careful and pay attention to BTC movements as best they can.

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