Bitcoin price is attempting a recovery wave from the $16,000 support area. If it clears the $17,000 and $17,200 resistance levels in the near term, BTC could start a decent increase.
- Bitcoin is slowly rising and consolidating above the $16,500 level.
- The price is trading above the $16,500 and 100 hourly simple moving averages.
- There is a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If the pair clears the $17,000 resistance area, the pair could start a recovery wave.
bitcoin price consolidated
Bitcoin price remained stable above the $16,000 support area. BTC formed a base and it slowly recovered above the $16,350 resistance area.
There was a move above the 23.6% Fibonacci retracement level of the downward move from the $18,155 swing high to $15,833 low. The bulls were able to stop the losses and the price started a range increase above the $16,400 level.
Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average, similar to Ethereum. On the upside, an immediate resistance is near the $16,900 level. There is also a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair.
The trend line is near the 50% Fib retracement level of the downside move from the $18,155 swing high to $15,833 low. The first major resistance is near the $17,000 area. A clear move above the $17,000 resistance could start a decent rise.
Source: BTCUSD on TradingView.com
The next major resistance is near the $17,265 level, above which the price could test the $18,000 zone. Any further gains could send the price towards the $18,500 resistance area.
Fresh decline in BTC?
If bitcoin fails to start a recovery wave above the $17,000 resistance area, it could start a fresh decline. On the downside, an immediate support is near the $16,650 level and the 100 hourly SMA.
The next major support is near the $16,350 area. A clear move below the $16,350 support could push the price further lower. In this case, the price could decline towards the $16,000 support area.
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Key Support Levels – $16,350, followed by $16,000.
Key Resistance Levels – $16,900, $17,000, and $17,500.