Bitcoin worth is slowly transferring larger above the $16,750 resistance zone. BTC might acquire bullish momentum if it settles above the $17,000 resistance zone.
- Bitcoin is slowly gaining tempo from the $16,350 and $16,000 assist ranges.
- The worth is buying and selling above $16,500 and the 100 hourly easy transferring common.
- There was a break above a key bearish pattern line with resistance close to $16,600 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might begin a gentle enhance if there is a detailed above the $17,000 resistance zone.
Bitcoin Price Starts Recovery
Bitcoin worth corrected decrease beneath the $16,600 and $16,500 ranges. However, BTC remained properly bid above the $16,350 assist zone. A low was fashioned close to $16,370 and the worth began a gradual restoration wave.
There was a transfer above the $16,500 and $16,600 resistance ranges. The worth cleared the 50% Fib retracement degree of the current decline from the $17,098 swing excessive to $16,370 low. Besides, there was a break above a key bearish pattern line with resistance close to $16,600 on the hourly chart of the BTC/USD pair.
Bitcoin worth is now buying and selling above $16,500 and the 100 hourly easy transferring common. On the upside, an instantaneous resistance is close to the $16,950 degree. It is close to the 76.4% Fib retracement degree of the current decline from the $17,098 swing excessive to $16,370 low.
Source: BTCUSD on TradingView.com
The first main resistance is close to the $17,000 zone. A detailed above the $17,000 resistance might set the tempo for a gentle restoration wave. The subsequent main resistance is close to $17,500, above which the worth might acquire tempo for a transfer in direction of the $18,000 zone.
Fresh Decline in BTC?
If bitcoin fails to acquire tempo above the $17,000 resistance zone, it might begin a recent decline. An rapid assist on the draw back is close to the $16,700 degree and the 100 hourly SMA.
The subsequent main assist is close to the $16,350 zone, beneath which the worth would possibly check the principal assist at $16,000. A transparent transfer beneath the $16,000 assist would possibly ship the worth additional decrease.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $16,350, adopted by $16,000.
Major Resistance Levels – $17,000, $17,500 and $18,000.
