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Bitcoin worth is slowly transferring greater above the $16,750 resistance zone. BTC may achieve bullish momentum if it settles above the $17,000 resistance zone.

• Bitcoin is slowly gaining tempo from the $16,350 and $16,000 help 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 may begin a gradual enhance if there’s a shut above the $17,000 resistance zone.

Bitcoin Price Starts Recovery

Bitcoin price corrected lower beneath the $16,600 and $16,500 ranges. However, BTC remained effectively bid above the $16,350 help 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 stage of the latest 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 simple moving average. On the upside, a direct resistance is close to the $16,950 stage. It is close to the 76.4% Fib retracement stage of the latest 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 may set the tempo for a gradual restoration wave. The subsequent main resistance is close to $17,500, above which the worth may achieve tempo for a transfer in direction of the $18,000 zone.

Fresh Decline in BTC?

If bitcoin fails to achieve tempo above the $17,000 resistance zone, it may begin a recent decline. An speedy help on the draw back is close to the $16,700 stage and the 100 hourly SMA.

The subsequent main help is close to the $16,350 zone, beneath which the worth would possibly check the fundamental help at $16,000. A transparent transfer beneath the $16,000 help 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 stage.

Major Support Levels – $16,350, adopted by $16,000.

Major Resistance Levels – $17,000, $17,500 and $18,000.