Bitcoin value remained secure above the $16,000 help zone. BTC might begin an honest restoration wave if there’s a clear transfer above the 100 hourly SMA.
- Bitcoin remained properly bid above the $16,000 and $15,800 help ranges.
- The value is buying and selling beneath $17,000 and the 100 hourly easy shifting common.
- There is a significant bearish development line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might begin a restoration wave if it clears the $17,000 resistance zone.
Bitcoin Price Faces Hurdles
Bitcoin price reacted to the downside once again after it didn’t clear the $17,200 zone. BTC declined beneath the $17,000 and $16,500 ranges. It even spiked beneath the $16,200 stage.
However, the bulls have been energetic above the $16,000 help zone. A low was shaped close to $16,164 and the value began a gradual improve. There was a transfer above the $16,400 and $16,500 ranges. The value cleared the 50% Fib retracement stage of the current decline from the $17,149 swing excessive to $16,154 low.
Bitcoin value is now buying and selling beneath $17,000 and the 100 hourly simple moving average. It is testing the 61.8% Fib retracement stage of the current decline from the $17,149 swing excessive to $16,154 low.
On the upside, a right away resistance is close to the $16,800 stage. There can be a significant bearish development line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair, and the 100 hourly easy shifting common. A clear transfer above the $17,000 resistance would possibly push the value additional larger.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $17,200, above which the value might take a look at the $17,750 zone. Any extra positive factors would possibly ship the value in the direction of the $18,000 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to begin a restoration wave above the $17,000 resistance zone, it might proceed to maneuver down. An rapid help on the draw back is close to the $16,400 stage.
The subsequent main help is close to the $16,150 zone. A clear transfer beneath the $16,150 help would possibly push the value additional decrease. In this case, the value could maybe decline in the direction of the $15,550 help zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $16,150, adopted by $15,550.
Major Resistance Levels – $16,800, $17,000 and $17,500.
