According to Bitcoin chart analysis, BTC is forming an Inverse Head and Shoulder pattern on the 4 hour chart.
Despite the release of dovish FOMC meeting minutes on November 24, Bitcoin failed to sustain its upward trend and dipped below $16,650.
Bitcoin's price failed to break beyond the $17,000 barrier. BTC appears to be forming a double top pattern and may go below the $16,000 support level. Bitcoin struggled to recover from the $15,500 support level. BTC has broken through the $16,000 and $16,500 barrier levels.
It even surpassed $16,300 as well as the 100 hourly simple moving average. The bears, on the other hand, were active at the $16,800 level. The price appears to have seen another major rejection at the $16,800 level and is forming a double top pattern.
Bitcoin's price began a new decline from $16,800. On the hourly chart of the BTC/USD pair, there was a breach below a key bullish trend line with support at $16,420.
It's edging closer to the 23.6% Fib retracement level of the latest rise from the $15,476 swing low to the $16,812 high. Furthermore, it is trading above $16,300 as well as the 100 hourly simple moving average.
On the upside, the $16,600 level and the upper line of the falling channel serve as immediate resistance. The first significant resistance is located at $16,800. A successful break over the $16,800 resistance level might signal the start of a major recovery wave. The next big barrier is at $17,000, above which the price may accelerate towards the $17,500 zone.
If bitcoin fails to break over the $16,700 barrier, it may continue to fall. On the downside, there is immediate support at the $16,280 level and the 100 hourly simple moving average. The next key support is in the $16,130 zone, or the 50% Fib retracement level of the current rise from the $15,476 swing low to the $16,812 high, below which the price may begin to decline. In the aforementioned scenario, the price might fall towards the $15,500 support zone.
According to Price Analysis, The market capitalization of this BTC is estimated to be $315,789,746,012. The 24-hour trading volume for the coin is around $24,650,014,746. BTC market capitalization has fallen by 1.67%. However, trade volume decreased by 23.45% during intraday trading.
KEY LEVELS :
RESISTANCE LEVEL : $16,700-$17,100
SUPPORT LEVEL : $16,000-$15,500
BITCOIN is still facing $17,000 resistance. BTC rebounded from $15,500, but bulls failed to break over the $17,000 barrier. Will Bitcoin surpass the $17,000 milestone, or will it fall back to $15,500? Please share your thoughts.