Blog

Bitcoin worth is trying an upside break above $16,800. BTC may begin an honest enhance if it clears the $16,800 and $17,000 resistance ranges.

• Bitcoin remains to be going through a powerful resistance close to $17,000 and $17,200.
• The worth is buying and selling above $16,700 and the 100 hourly easy shifting common.
• There is a key bearish pattern line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may try a contemporary enhance if there’s a clear transfer above the $17,000 resistance zone.

Bitcoin Price Eyes Recovery

Bitcoin price remained stable above the $16,500 zone. BTC tried an upside break above the $17,000 resistance, however it confronted sellers.

A excessive was fashioned close to $17,067 and the worth began a draw back correction. There was a transfer beneath the $16,800 stage and the 100 hourly easy shifting common. The worth declined beneath the 50% Fib retracement stage of the up transfer from the $16,260 swing low to $17,067 excessive.

Bitcoin worth examined the $16,550 stage, the place it discovered help. It remained secure above the 61.8% Fib retracement stage of the up transfer from the $16,260 swing low to $17,067 excessive.

The worth recovered losses and climbed above $16,700. It is now buying and selling above $16,700 and the 100 hourly easy shifting common. On the upside, a direct resistance is close to the $16,800 zone. There can also be a key bearish pattern line forming with resistance close to $16,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first main resistance is close to the $17,000 zone. A transparent transfer above the $17,000 resistance may encourage the bulls to pump the worth above the $17,200 resistance. If they succeed, the worth may even surpass the $17,500 stage. The subsequent main resistance is close to $18,000, above which the worth climb in the direction of the $18,500 resistance zone.

Fresh Drop in BTC?

If bitcoin fails to clear the $17,000 resistance, there might be a fresh drop. An speedy help on the draw back is close to the $16,750 stage and the 100 hourly SMA

The subsequent main help is close to the $16,550 stage. A draw back break beneath the $16,550 help may name for a transfer in the direction of the $16,350 stage. Any extra losses may ship the worth in the direction of $16,000.

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 – $16,700, adopted by $16,550.

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