Bitcoin (BTC)Crypto News

Bitcoin price key indicators are pointing to a strengthened case for an upside break

Of the Bitcoin-Price is attempting an upside break above $16,800. BTC could gain bullish momentum if it surmounts the $16,800 and $17,000 levels.

  • Bitcoin is still trading in a wide range below the $16,800 and $17,000 resistance levels.
  • The price is trading above $16,600 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC/USD pair (data feed by Kraken).
  • The pair could gain bullish momentum if it trades above the Resistance leveling off from $16,800.

Bitcoin price sees bullish break

Bitcoin price formed a base above the $16,350 support zone. BTC started a slow rise and managed to clear the $16,650 resistance zone. The price even surged towards the $16,800 resistance zone.

However, there was no upside break above $16,800. A high was formed at $16,770 and the price started a downward correction. There was a dip below $16,700 but the bulls are active above the $16,600 level.

Bitcoin price is now trading above $16,600 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC/USD pair. On the upside, there is an immediate resistance near $16,685.

The 50% Fib retracement level of the recent drop from the $16,770 high to $16,599 low is also near the $16,685 level. The first major resistance is near the $16,700 zone.

Bitcoin price key indicators are pointing to a strengthened case for an upside break, Crypto Trading News

Source: BTCUSD on TradingView.com

The 61.8% Fib retracement level of the recent drop from the $16,770 high to $16,599 low is also near the $16,700 level. The next major resistance is near $16,800. The main barrier is still near the $17,000 level. A clear close above the $17,000 resistance could start a fresh increase in the near term.

Fresh BTC decline?

If bitcoin price fails to clear the $16,800 resistance, it might start another decline. Immediate support on the downside is near $16,620 and the trend line.

The next major support is near $16,500. A clear move below the $16,500 support could propel the price towards $16,350. Further losses could propel the price towards $16,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength index) – RSI for BTC/USD is now above the 50 level.

Key support levels – $16,500 followed by $16,350.

Major resistance levels – $16,700, $16,800 and $17,000.

Source: Crypto News Deutsch

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