Bitcoin price is recovering above $16,500 against the US Dollar. BTC might extend its recovery if it stays above the $16,600 support zone.
Bitcoin Price Analysis
Bitcoin price remained well supported near the $16,250 zone. The price formed a base and started a recovery wave above the $16,500 level.
There was a decent increase above the $16,650 resistance zone and the 55 simple moving average (4-hours). There was a break above a key bearish trend line with resistance near $16,780 on the 4-hours chart of the BTC/USD pair.
The pair surpassed the 23.6% Fib retracement level of the downward move from the $18,385 swing high to $16,273 low. The price is now trading above $16,500 and the 55 simple moving average (4-hours). The price is now consolidating above $16,800.
An immediate resistance on the upside is near the $17,000 level. The next major resistance might near the $17,320 zone. It is near the 50% Fib retracement level of the downward move from the $18,385 swing high to $16,273 low.
A clear move above the $17,320 level might send the price towards $18,000, above which the price might rise towards the $18,500 resistance. Any more gains might push the price towards the $19,000 zone. If there is no upside break, the price might start a fresh decline below $16,750.
The first major support is near the $16,650 level. The next key support is near the $16,250 level, below which the price might accelerate lower.
In the stated case, the price could decline towards the $16,000 level. Any more losses might send the price towards the $15,500 level.
Looking at the chart, bitcoin price is clearly trading above $16,500 and the 55 simple moving average (4-hours). Overall, the price could rise further if it clears the $17,000 resistance zone.
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $16,650 and $16,250.
Key Resistance Levels – $17,000, $17,320 and $18,000.
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