Bitcoin worth is trying a restoration wave from the $16,000 help zone. BTC might begin a good enhance if it clears the $17,000 and $17,200 resistance ranges within the brief time period.
Bitcoin is slowly shifting larger and consolidating above the $16,500 stage.
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 might begin a restoration wave if it clears the $17,000 resistance zone.
Bitcoin Value Consolidates
Bitcoin worth remained steady above the $16,000 help zone. BTC shaped a base and slowly moved larger above the $16,350 resistance zone.
There was a transfer above the 23.6% Fib retracement stage of the downward transfer from the $18,155 swing excessive to $15,833 low. The bulls have been in a position to include losses and the value began to maneuver in a spread above the $16,400 stage.
Bitcoin worth is now buying and selling above $16,500 and the 100 hourly easy shifting common, much like ethereum. On the upside, a right away resistance is close to the $16,900 stage. There may be 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 stage 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 a good enhance.
Supply: BTCUSD on TradingView.com
The subsequent main resistance is close to $17,265, above which the value might check the $18,000 zone. Any extra positive factors would possibly ship the value in direction of the $18,500 resistance zone.
Contemporary Decline in BTC?
If bitcoin fails to begin a restoration wave above the $17,000 resistance zone, it might begin a contemporary decline. An instantaneous help on the draw back is close to the $16,650 stage and the 100 hourly SMA.
The subsequent main help is close to the $16,350 zone. A transparent transfer under the $16,350 help would possibly push the value additional decrease. On this case, the value could maybe decline in direction of the $16,000 help 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 stage.
Main Help Ranges – $16,350, adopted by $16,000.
Main Resistance Ranges – $16,900, $17,000 and $17,500.
