Bitcoin worth is trying a restoration wave from the $16,000 assist zone. BTC may begin an honest improve if it clears the $17,000 and $17,200 resistance ranges within the brief time period.
- Bitcoin is slowly shifting increased and consolidating above the $16,500 degree.
- The worth is buying and selling above $16,500 and the 100 hourly easy shifting common.
- There’s a connecting bearish development line forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may begin a restoration wave if it clears the $17,000 resistance zone.
Bitcoin Value Consolidates
Bitcoin worth remained secure above the $16,000 assist zone. BTC shaped a base and slowly moved increased above the $16,350 resistance zone.
There was a transfer above the 23.6% Fib retracement degree of the downward transfer from the $18,155 swing excessive to $15,833 low. The bulls have been capable of comprise losses and the worth began to maneuver in a spread above the $16,400 degree.
Bitcoin worth is now buying and selling above $16,500 and the 100 hourly easy shifting common, just like ethereum. On the upside, a direct resistance is close to the $16,900 degree. There’s additionally a connecting bearish development line forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair.
The development line is close to the 50% Fib retracement degree of the downward transfer from the $18,155 swing excessive to $15,833 low. The primary main resistance is close to the $17,000 zone. A transparent transfer above the $17,000 resistance would possibly begin an honest improve.
Supply: BTCUSD on TradingView.com
The following main resistance is close to $17,265, above which the worth may take a look at the $18,000 zone. Any extra good points would possibly ship the worth in direction of the $18,500 resistance zone.
Recent Decline in BTC?
If bitcoin fails to start out a restoration wave above the $17,000 resistance zone, it may begin a recent decline. A direct assist on the draw back is close to the $16,650 degree and the 100 hourly SMA.
The following main assist is close to the $16,350 zone. A transparent transfer beneath the $16,350 assist would possibly push the worth additional decrease. On this case, the worth could maybe decline in direction of the $16,000 assist zone.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.
Main Assist Ranges – $16,350, adopted by $16,000.
Main Resistance Ranges – $16,900, $17,000 and $17,500.