Bitcoin price started a recovery wave above the ,500 support against the US Dollar. The price is now trading above ,500 and the 55 simple moving average (4-hours). There was a break above a key bearish trend line with resistance near ,780 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could rise further if it clears the ,000 resistance zone. Bitcoin price is recovering above ,500 against the US Dollar. BTC might extend its recovery if it stays above the ,600 support zone. Bitcoin Price Analysis Bitcoin price remained well supported near the ,250 zone. The price formed a base and started a recovery wave above the ,500 level. There was a decent increase above the ,650 resistance zone and the 55 simple moving
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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 $16,500 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 (data feed from Coinbase).
- The pair could rise further if it clears the $17,000 resistance zone.
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.
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 – $16,650 and $16,250.
Key Resistance Levels – $17,000, $17,320 and $18,000.