Bitcoin price held steady above the $16,000 support area. If there is a clear move above the 100 hourly SMA, BTC could start a decent recovery wave.
- Bitcoin is trading well above the $16,000 and $15,800 support levels.
- The price is trading below $17,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a recovery wave if it clears the $17,000 resistance area.
Bitcoin price faces hurdles
Bitcoin price once again reacted downwards after failing to clear the $17,200 area. BTC declined below the $17,000 and $16,500 levels. It even declined below the $16,200 level.
However, the bulls were active above the $16,000 support area. A low was formed near $16,164 and the price started a slow rise. There is a move above the $16,400 and $16,500 levels. The price cleared the 50% Fib retracement level of the recent decline from the $17,149 high to $16,154 low.
Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average. It is testing the 61.8% Fib retracement level of the recent decline from the $17,149 high to $16,154 low.
On the upside, an immediate resistance is near the $16,800 level. There is also a major bearish trend line forming with resistance near $16,800 and the 100 hourly simple moving average on the hourly chart of the BTC/USD pair. A clear move above the $17,000 resistance could push the price higher.
Source: BTCUSD on TradingView.com
The next major resistance is near the $17,200 level, above which the price could test the $17,750 area. Any further gains could send the price towards the $18,000 resistance area.
Recent fall in BTC?
If bitcoin fails to start a recovery wave above the $17,000 resistance area, it is likely to continue lower. On the downside, immediate support is near the $16,400 level.
The next major support is near the $16,150 area. A clear move below the $16,150 support could push the price further lower. In this case, the price is likely to decline towards the $15,550 support area.
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Level – $16,150, followed by $15,550.
Major resistance levels – $16,800, $17,000 and $17,500.