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Recovery Just Getting Started or It’s Bull Trap?

Bitcoin worth gained tempo and was ready to clear $16,500. BTC should settle above $17,000 to begin an actual restoration within the close to time period.

  • Bitcoin began an upside correction and climbed above the $16,500 resistance.
  • The worth is buying and selling above $16,400 and the 100 hourly easy shifting common.
  • There was a break above a significant bearish pattern line with resistance close to $16,220 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might proceed to rise if it settles above the $17,000 resistance zone.

Bitcoin Price Recovers

Bitcoin worth shaped a good assist base above the $15,500 assist zone. BTC remained properly bid and began an upside correction above the $16,000 resistance.

There was a transparent transfer above the 50% Fib retracement stage of the primary drop from the $16,795 swing excessive to $15,470 low. Besides, there was a break above a significant bearish pattern line with resistance close to $16,220 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now buying and selling above $16,400 and the 100 hourly easy shifting common. It is additionally properly above the 76.4% Fib retracement stage of the primary drop from the $16,795 swing excessive to $15,470 low.

On the upside, a direct resistance is close to the $16,800 stage. The first main resistance is close to the $17,000 zone. A profitable every day shut above the $17,000 resistance would possibly begin an actual restoration wave. The subsequent main resistance is close to $17,500, above which the worth might acquire tempo for a transfer in the direction of the $18,000 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

An intermediate resistance may very well be $17,650. It is close to the 1.618 Fib extension stage of the primary drop from the $16,795 swing excessive to $15,470 low.

Fresh Drop in BTC?

If bitcoin fails to settle above the $17,000 resistance zone, it might begin one other decline. An quick assist on the draw back is close to the $16,500 stage and a connecting bullish pattern line on the identical chart.

The subsequent main assist is close to the $16,250 zone and the 100 hourly easy shifting common, beneath which the worth would possibly acquire bearish momentum. In the said case, the worth would possibly drop in the direction of the $15,500 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 – $16,500, adopted by $16,250.

Major Resistance Levels – $16,800, $17,000 and $18,000.

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