Of the Bitcoin-Price picked up pace and scooped up $16,500. BTC needs to settle above $17,000 to start a real recovery in the near term.
- Bitcoin started an upward correction and climbed above the Resistance from $16,500.
- The price is trading above $16,400 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair could continue higher if it settles above the $17,000 resistance zone.
Bitcoin price recovers
Bitcoin price formed a decent support base above the $15,500 support zone. BTC remained well bid and started an upside correction above the $16,000 resistance.
There was a clear move above the 50% Fib retracement level of the main decline from the $16,795 high to the $15,470 low. Also, there was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $16,400 and the 100 hourly simple moving average. It is also well above the 76.4% Fib retracement level of the main decline from the $16,795 high to $15,470 low.
On the upside, there is an immediate resistance near $16,800. The first major resistance is near the $17,000 zone. A successful daily close above the $17,000 resistance could start a real recovery wave. The next major resistance stands at $17,500, above which the price could pick up pace for a move towards the $18,000 zone.
Source: BTCUSD on TradingView.com
Intermediate resistance could lie at $17,650. It is near the 1.618 Fib extension level of the main decline from the $16,795 swing high to the $15,470 low.
Fresh BTC decline?
If bitcoin fails to settle above the $17,000 resistance zone, it could see another decline. Immediate support on the downside is near $16,500 and a connecting bullish trendline on the same chart.
The next major support is near the $16,250 zone and the 100 hourly simple moving average, below which the price could gain bearish momentum. In the mentioned case, the price could drop towards the $15,500 support zone.
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 $16,250.
Major resistance levels – $16,800, $17,000 and $18,000.
Source: Crypto News Deutsch