Bitcoin Price Prints Bearish Technical Pattern, Why It Could Continue Lower

Dec 19, 2022 04:00 am Cryptocurrency 180

Bitcoin price declined heavily and traded below $17,000. BTC is consolidating losses and remains at a risk of more losses below the $16,500 support.

Bitcoin started a fresh decline below the $17,200 and $17,000 support levels.

The price is trading below $17,000 and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could continue to move lower unless it clears the 100 hourly SMA.

Bitcoin Price Tumbles

Bitcoin price restarted a fresh decline from the $18,400 zone resistance zone. BTC gained pace below the $17,500 and $17,200 support levels. The bears even pushed it below the $17,000 level and the 100 hourly simple moving average.

It tested the $16,500 support zone. A low is formed near $16,541 and the price is now consolidating losses. It climbed a few points higher and traded above the $16,700 level.

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