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Bitcoin worth remained secure above the $16,000 help zone. BTC might begin a good restoration wave if there’s a clear transfer above the 100 hourly SMA.

• Bitcoin remained properly bid above the $16,000 and $15,800 help ranges.
• The worth is buying and selling beneath $17,000 and the 100 hourly easy transferring common.
• There is a significant bearish development line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might begin a restoration wave if it clears the $17,000 resistance zone.

Bitcoin Price Faces Hurdles

Bitcoin price reacted to the downside once again after it didn’t clear the $17,200 zone. BTC declined beneath the $17,000 and $16,500 ranges. It even spiked beneath the $16,200 degree.

However, the bulls have been lively above the $16,000 help zone. A low was shaped close to $16,164 and the worth began a gradual improve. There was a transfer above the $16,400 and $16,500 ranges. The worth cleared the 50% Fib retracement degree 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 simple moving average. It is testing the 61.8% Fib retracement degree 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 degree. There can be a significant bearish development line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair, and the 100 hourly easy transferring common. A clear transfer above the $17,000 resistance may push the worth additional greater.

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to $17,200, above which the worth might take a look at the $17,750 zone. Any extra features may ship the worth 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 might proceed to maneuver down. An quick help on the draw back is close to the $16,400 degree.

The subsequent main help is close to the $16,150 zone. A clear transfer beneath the $16,150 help may push the worth additional decrease. In this case, the worth might maybe decline in the direction of the $15,550 help 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 degree.

Major Support Levels – $16,150, adopted by $15,550.

Major Resistance Levels – $16,800, $17,000 and $17,500.