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Bitcoin worth is trying a restoration wave from the $16,000 help zone. BTC might begin a good improve if it clears the $17,000 and $17,200 resistance ranges within the brief time period.
- Bitcoin is slowly shifting larger and consolidating above the $16,500 degree.
- The worth is buying and selling above $16,500 and the 100 hourly easy shifting common.
- There is a connecting bearish pattern line forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might begin a restoration wave if it clears the $17,000 resistance zone.
Bitcoin Price Consolidates
Bitcoin price remained stable above the $16,000 support zone. BTC shaped a base and slowly moved larger above the $16,350 resistance zone.
There was a transfer above the 23.6% Fib retracement degree of the downward transfer from the $18,155 swing excessive to $15,833 low. The bulls had been in a position to include losses and the worth began to maneuver in a variety above the $16,400 degree.
Bitcoin worth is now buying and selling above $16,500 and the 100 hourly easy shifting common, much like ethereum. On the upside, a direct resistance is close to the $16,900 degree. There can be a connecting bearish pattern line forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair.
The pattern line is close to the 50% Fib retracement degree of the downward transfer from the $18,155 swing excessive to $15,833 low. The first main resistance is close to the $17,000 zone. A clear transfer above the $17,000 resistance may begin a good improve.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $17,265, above which the worth might check the $18,000 zone. Any extra features may ship the worth in the direction of the $18,500 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to begin a restoration wave above the $17,000 resistance zone, it might begin a contemporary decline. An quick help on the draw back is close to the $16,650 degree and the 100 hourly SMA.
The subsequent main help is close to the $16,350 zone. A clear transfer under the $16,350 help may push the worth additional decrease. In this case, the worth might maybe decline in the direction of the $16,000 help zone.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $16,350, adopted by $16,000.
Major Resistance Levels – $16,900, $17,000 and $17,500.
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