Bitcoin worth remained secure above the $16,000 assist zone. BTC may begin a good restoration wave if there is a transparent transfer above the 100 hourly SMA.
- Bitcoin remained effectively bid above the $16,000 and $15,800 assist ranges.
- The worth is buying and selling beneath $17,000 and the 100 hourly easy shifting common.
- There is a serious bearish pattern line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin a restoration wave if it clears the $17,000 resistance zone.
Bitcoin Price Faces Hurdles
Bitcoin worth reacted to the draw back as soon as once more after it failed to clear the $17,200 zone. BTC declined beneath the $17,000 and $16,500 ranges. It even spiked beneath the $16,200 stage.
However, the bulls had been lively above the $16,000 assist zone. A low was fashioned close to $16,164 and the value began a gradual enhance. There was a transfer above the $16,400 and $16,500 ranges. The worth cleared the 50% Fib retracement stage of the latest decline from the $17,149 swing excessive to $16,154 low.
Bitcoin worth is now buying and selling beneath $17,000 and the 100 hourly easy shifting common. It is testing the 61.8% Fib retracement stage of the latest decline from the $17,149 swing excessive to $16,154 low.
On the upside, a right away resistance is close to the $16,800 stage. There is additionally a serious bearish pattern line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair, and the 100 hourly easy shifting common. A clear transfer above the $17,000 resistance may push the value additional larger.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $17,200, above which the value may take a look at the $17,750 zone. Any extra beneficial properties may ship the value in the direction of the $18,000 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to begin a restoration wave above the $17,000 resistance zone, it may proceed to transfer down. An instant assist on the draw back is close to the $16,400 stage.
The subsequent main assist is close to the $16,150 zone. A clear transfer beneath the $16,150 assist may push the value additional decrease. In this case, the value could maybe decline in the direction of the $15,550 assist 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 – $16,150, adopted by $15,550.
Major Resistance Levels – $16,800, $17,000 and $17,500.
