Bitcoin price started a recovery wave above the ,500 support against the US Dollar. The price is now trading above ,600 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near ,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could recover further if it clears the ,420 resistance zone. Bitcoin price is recovering above ,600 against the US Dollar. BTC might extend its recovery if it stays above the ,750 support zone. Bitcoin Price Analysis Bitcoin price remained well supported near the ,000 zone. The price formed a base and started a recovery wave above the ,200 level. There was a recovery wave above the ,500 resistance zone and the 55 simple moving average (4-hours). The pair even
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- Bitcoin price started a recovery wave above the $16,500 support against the US Dollar.
- The price is now trading above $16,600 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $16,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could recover further if it clears the $17,420 resistance zone.
Bitcoin price is recovering above $16,600 against the US Dollar. BTC might extend its recovery if it stays above the $16,750 support zone.
Bitcoin Price Analysis
Bitcoin price remained well supported near the $16,000 zone. The price formed a base and started a recovery wave above the $16,200 level.
There was a recovery wave above the $16,500 resistance zone and the 55 simple moving average (4-hours). The pair even cleared the $17,000 resistance zone. However, the bears appeared near the $17,420 zone. A high is formed near $17,424 and the price is now consolidating gains.
There was a move below the 23.6% Fib retracement level of the upward move from the $15,992 swing low to $17,424 high. It is now trading above $16,600 and the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $17,200 level. The next major resistance might near the $17,425 zone. A clear move above the $17,425 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 $16,800. There is also a key bullish trend line forming with support near $16,800 on the 4-hours chart of the BTC/USD pair.
The first major support is near the $16,700 level or the 50% Fib retracement level of the upward move from the $15,992 swing low to $17,424 high.
The next key support is near the $16,200 level, below which the price might accelerate lower. In the stated case, the price could decline towards the $15,850 level. Any more losses might send the price towards the $15,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $16,600 and the 55 simple moving average (4-hours). Overall, the price could recover further if it clears the $17,420 resistance zone.
Technical Indicators
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 – $16,800 and $16,200.
Key Resistance Levels – $17,200, $17,425 and $18,500.