Bitcoin worth is trying an upside break above $16,800. BTC may begin an honest enhance if it clears the $16,800 and $17,000 resistance ranges.
- Bitcoin remains to be dealing with a powerful resistance close to $17,000 and $17,200.
- The worth is buying and selling above $16,700 and the 100 hourly easy shifting common.
- There is a key 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 may try a recent enhance if there’s a clear transfer above the $17,000 resistance zone.
Bitcoin Price Eyes Recovery
Bitcoin price remained stable above the $16,500 zone. BTC tried an upside break above the $17,000 resistance, nevertheless it confronted sellers.
A excessive was fashioned close to $17,067 and the value began a draw back correction. There was a transfer beneath the $16,800 degree and the 100 hourly easy shifting common. The worth declined beneath the 50% Fib retracement degree of the up transfer from the $16,260 swing low to $17,067 excessive.
Bitcoin worth examined the $16,550 degree, the place it discovered assist. It remained secure above the 61.8% Fib retracement degree of the up transfer from the $16,260 swing low to $17,067 excessive.
The worth recovered losses and climbed above $16,700. It is now buying and selling above $16,700 and the 100 hourly easy shifting common. On the upside, a direct resistance is close to the $16,800 zone. There can be a key bearish development line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The first main resistance is close to the $17,000 zone. A transparent transfer above the $17,000 resistance may encourage the bulls to pump the value above the $17,200 resistance. If they succeed, the value may even surpass the $17,500 degree. The subsequent main resistance is close to $18,000, above which the value climb in the direction of the $18,500 resistance zone.
Fresh Drop in BTC?
If bitcoin fails to clear the $17,000 resistance, there could possibly be a fresh drop. An rapid assist on the draw back is close to the $16,750 degree and the 100 hourly SMA
The subsequent main assist is close to the $16,550 degree. A draw back break beneath the $16,550 assist may name for a transfer in the direction of the $16,350 degree. Any extra losses may ship the value in the direction of $16,000.
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 degree.
Major Support Levels – $16,700, adopted by $16,550.
Major Resistance Levels – $16,800, $17,000 and $17,500.
