Bitcoin price gained pace and was able to clear $16,500. BTC must settle above $17,000 to start a real recovery in the near term.
- Bitcoin started an upside correction and climbed above the $16,500 resistance.
- The price is trading above $16,400 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it settles above the $17,000 resistance zone.
Bitcoin Price Recovers
Bitcoin price formed a decent support base above the $15,500 support zone. BTC remained well bid and started an upside correction above the $16,000 resistance.
There was a clear move above the 50% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low. Besides, there was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC/USD pair.Bitcoin price is now trading above $16,400 and the 100 hourly simple moving average. It is also well above the 76.4% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low.
On the upside, an immediate resistance is near the $16,800 level. The first major resistance is near the $17,000 zone. A successful daily close above the $17,000 resistance might start a real recovery wave. The next major resistance is near $17,500, above which the price could gain pace for a move towards the $18,000 zone.