Bitcoin price is attempting a recovery wave from the $16,000 support zone. BTC could start a decent increase if it clears the $17,000 and $17,200 resistance levels in the short term.
- Bitcoin is slowly moving higher and consolidating above the $16,500 level.
- The price is trading above $16,500 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a recovery wave if it clears the $17,000 resistance zone.
Bitcoin Price Consolidates
Bitcoin price remained stable above the $16,000 support zone. BTC formed a base and slowly moved higher above the $16,350 resistance zone.
There was a move above the 23.6% Fib retracement level of the downward move from the $18,155 swing high to $15,833 low. The bulls were able to contain losses and the price started to move in a range above the $16,400 level.Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average, similar to ethereum. On the upside, an immediate resistance is near the $16,900 level. There is also a connecting bearish trend line forming with resistance near $16,900 on the hourly chart of the BTC/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $18,155 swing high to $15,833 low. The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance might start a decent increase.