Is the Recovery Just Getting Started?

Bitcoin worth is slowly shifting larger above the $16,750 resistance zone. BTC might achieve bullish momentum if it settles above the $17,000 resistance zone.

• Bitcoin is slowly gaining tempo from the $16,350 and $16,000 assist ranges.
• The worth is buying and selling above $16,500 and the 100 hourly easy shifting common.
• There was a break above a key bearish pattern line with resistance close to $16,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin a gentle improve if there’s a shut above the $17,000 resistance zone.

Bitcoin Value Begins Restoration

Bitcoin worth corrected decrease beneath the $16,600 and $16,500 ranges. Nevertheless, BTC remained effectively bid above the $16,350 assist zone. A low was fashioned close to $16,370 and the value began a gradual restoration wave.

There was a transfer above the $16,500 and $16,600 resistance ranges. The worth cleared the 50% Fib retracement stage of the current decline from the $17,098 swing excessive to $16,370 low. Moreover, there was a break above a key bearish pattern line with resistance close to $16,600 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now buying and selling above $16,500 and the 100 hourly easy shifting common. On the upside, a right away resistance is close to the $16,950 stage. It’s close to the 76.4% Fib retracement stage of the current decline from the $17,098 swing excessive to $16,370 low.

Supply: BTCUSD on TradingView.com

The primary main resistance is close to the $17,000 zone. An in depth above the $17,000 resistance might set the tempo for a gentle restoration wave. The following main resistance is close to $17,500, above which the value might achieve tempo for a transfer in the direction of the $18,000 zone.

Recent Decline in BTC?

If bitcoin fails to achieve tempo above the $17,000 resistance zone, it might begin a contemporary decline. A right away assist on the draw back is close to the $16,700 stage and the 100 hourly SMA.

The following main assist is close to the $16,350 zone, beneath which the value would possibly check the primary assist at $16,000. A transparent transfer beneath the $16,000 assist would possibly ship the value additional decrease.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.

Main Help Ranges – $16,350, adopted by $16,000.

Main Resistance Ranges – $17,000, $17,500 and $18,000.