The price of Bitcoin rose and reached $16,500. To start a serious recovery in the near term, BTC needs to settle above $17,000. Bitcoin price created a solid support base above the $15,500 level.
BTC remained strongly bid and started an uptrend above the $16,000 barrier.
There was a sharp rise above the 50% Fib retracement line of the main drop from the $16,795 swing high to the $15,470 low.
In addition, on the hourly chart of the BTC/USD pair, there was a break above a strong negative trendline with a Resistance near $16,220.Bitcoin is trading above the $16,400 level and the 100 hourly simple moving average. It is also well above the 76.4% Fib retracement level of the main slide from the $16,795 swing high to the $15,470 low.
On the upside, an immediate resistance level is near $16,800.
The first significant resistance is near the $17,000 level.
A good daily close above the $17,000 resistance level could signal the start of a real recovery wave. The next major barrier is $17,500 and the price might accelerate towards the $18,000 zone.
A possible middle resistance level is located at $17,650. It is near the 1,618 Fib extension level of the main slide from the $16,795 swing high to the $15,470 low. If bitcoin fails to settle above the $17,000 resistance level, it could see another slide down.
On the downside, immediate support is near $16,500, with an associated bullish trend line on the same chart.
The next key support lies in the $16,250 area and the 100 hourly simple moving average, below which the price might start falling.
In the above scenario, the price might drop towards the $15,500 support zone.
Source: Crypto News Deutsch