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Bitcoin value gained tempo and was in a position 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 value is buying and selling above $16,400 and the 100 hourly easy shifting common.
• There was a break above a serious bearish pattern line with resistance close to $16,220 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may proceed to rise if it settles above the $17,000 resistance zone.

Bitcoin Price Recovers

Bitcoin price formed a decent support base above the $15,500 assist zone. BTC remained effectively bid and began an upside correction above the $16,000 resistance.

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

Bitcoin value is now buying and selling above $16,400 and the 100 hourly simple moving average. It can be effectively above the 76.4% Fib retracement degree of the principle drop from the $16,795 swing excessive to $15,470 low.

On the upside, an instantaneous resistance is close to the $16,800 degree. The first main resistance is close to the $17,000 zone. A profitable day by day shut above the $17,000 resistance may begin an actual restoration wave. The subsequent main resistance is close to $17,500, above which the worth may achieve tempo for a transfer in the direction of the $18,000 zone.

Source: BTCUSD on TradingView.com

An intermediate resistance may very well be $17,650. It is close to the 1.618 Fib extension degree of the principle 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 may begin one other decline. An speedy assist on the draw back is close to the $16,500 degree 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 may achieve bearish momentum. In the said case, the worth may 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 degree.

Major Support Levels – $16,500, adopted by $16,250.

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