Bitcoin Price Close Above $17.5K Could Spark Larger Degree Recovery
Bitcoin price is attempting an upside break above $17,000. BTC could start a steady recovery if it clears the $17,000 and $17,200 resistance levels.
- Bitcoin is attempting an upside break above the $17,000 and $17,200 levels.
- The price is trading above $16,800 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $16,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt a fresh increase if there is a clear move above the $17,200 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin price managed to stay above the $16,550 zone. A base was formed and the price started a fresh increase above the $16,700 resistance zone. BTC even climbed above the $16,800 resistance and the 100 hourly simple moving average.
There was a clear move above the 50% Fib retracement level of the downward move from the $17,067 swing high to $16,565 low. Besides, there was a break above a key bearish trend line with resistance near $16,820 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average. It is also trading above the 61.8% Fib retracement level of the downward move from the $17,067 swing high to $16,565 low.
On the upside, an immediate resistance is near the $17,000 zone. The first major resistance is near the $17,200 zone. A clear move above the $17,200 resistance might start a steady recovery wave.
Source: BTCUSD on TradingView.com
The next major resistance is near $17,500, above which the price climb towards the $18,000 resistance zone. Any more gains might send the pair towards the $18,500 resistance zone.
Fresh Drop in BTC?
If bitcoin fails to clear the $17,200 resistance, there could be a fresh downward move. An immediate support on the downside is near the $16,800 level and the 100 hourly SMA
The next major support is near the $16,680 level. A downside break below the $16,680 support might call for a move towards the $16,550 level. Any more losses might send the price towards $16,350.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $16,800, followed by $16,550.
Major Resistance Levels – $17,000, $17,200 and $17,500.
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