/Bitcoin Price Shows Signs of Life and Could Soon Clear This Hurdle

Bitcoin Price Shows Signs of Life and Could Soon Clear This Hurdle

Bitcoin price is attempting an upside break above $16,800. BTC could start a decent increase if it clears the $16,800 and $17,000 resistance levels.

  • Bitcoin is still facing a strong resistance near $17,000 and $17,200.
  • The price is trading above $16,700 and the 100 hourly simple moving average.
  • There is a key 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 attempt a fresh increase if there is a clear move above the $17,000 resistance zone.

Bitcoin Price Eyes Recovery

Bitcoin price remained stable above the $16,500 zone. BTC attempted an upside break above the $17,000 resistance, but it faced sellers.

A high was formed near $17,067 and the price started a downside correction. There was a move below the $16,800 level and the 100 hourly simple moving average. The price declined below the 50% Fib retracement level of the up move from the $16,260 swing low to $17,067 high.

Bitcoin price tested the $16,550 level, where it found support. It remained stable above the 61.8% Fib retracement level of the up move from the $16,260 swing low to $17,067 high.

The price recovered losses and climbed above $16,700. It is now trading above $16,700 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,800 zone. There is also a key bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance might encourage the bulls to pump the price above the $17,200 resistance. If they succeed, the price could even surpass the $17,500 level. The next major resistance is near $18,000, above which the price climb towards the $18,500 resistance zone.

Fresh Drop in BTC?

If bitcoin fails to clear the $17,000 resistance, there could be a fresh drop. An immediate support on the downside is near the $16,750 level and the 100 hourly SMA

The next major support is near the $16,550 level. A downside break below the $16,550 support might call for a move towards the $16,350 level. Any more losses might send the price towards $16,000.

Technical indicators:

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 – $16,700, followed by $16,550.

Major Resistance Levels – $16,800, $17,000 and $17,500.

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