Bitcoin value gained tempo and was capable of clear $16,500. BTC should settle above $17,000 to begin an actual restoration within the close to time period.
- Bitcoin began an upside correction and climbed above the $16,500 resistance.
- The value is buying and selling above $16,400 and the 100 hourly easy transferring common.
- There was a break above a significant bearish pattern line with resistance close to $16,220 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might proceed to rise if it settles above the $17,000 resistance zone.
Bitcoin Price Recovers
Bitcoin price formed a decent support base above the $15,500 help zone. BTC remained effectively bid and began an upside correction above the $16,000 resistance.
There was a transparent transfer above the 50% Fib retracement stage of the principle drop from the $16,795 swing excessive to $15,470 low. Besides, there was a break above a significant bearish pattern line with resistance close to $16,220 on the hourly chart of the BTC/USD pair.
Bitcoin value is now buying and selling above $16,400 and the 100 hourly simple moving average. It can also be effectively above the 76.4% Fib retracement stage of the principle drop from the $16,795 swing excessive to $15,470 low.
On the upside, a direct resistance is close to the $16,800 stage. The first main resistance is close to the $17,000 zone. A profitable every day shut above the $17,000 resistance would possibly begin an actual restoration wave. The subsequent main resistance is close to $17,500, above which the worth might acquire tempo for a transfer in direction of the $18,000 zone.
Source: BTCUSD on TradingView.com
An intermediate resistance may very well be $17,650. It is close to the 1.618 Fib extension stage of the principle drop from the $16,795 swing excessive to $15,470 low.
Fresh Drop in BTC?
If bitcoin fails to settle above the $17,000 resistance zone, it might begin one other decline. An instant help on the draw back is close to the $16,500 stage and a connecting bullish pattern line on the identical chart.
The subsequent main help is close to the $16,250 zone and the 100 hourly easy transferring common, under which the worth would possibly acquire bearish momentum. In the acknowledged case, the worth would possibly drop in direction of the $15,500 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 – $16,500, adopted by $16,250.
Major Resistance Levels – $16,800, $17,000 and $18,000.
