Bitcoin Price Stuck Below $17K, What Could Spark A Decent Increase

Bitcoin worth is trying a restoration wave from the $16,000 assist zone. BTC may begin a good improve if it clears the $17,000 and $17,200 resistance ranges within the quick time period.

• Bitcoin is slowly shifting larger and consolidating above the $16,500 stage.
• The value is buying and selling above $16,500 and the 100 hourly easy shifting common.
• There’s a connecting bearish development line forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a restoration wave if it clears the $17,000 resistance zone.

Bitcoin Worth Consolidates

Bitcoin worth remained steady above the $16,000 assist zone. BTC shaped a base and slowly moved larger above the $16,350 resistance zone.

There was a transfer above the 23.6% Fib retracement stage of the downward transfer from the $18,155 swing excessive to $15,833 low. The bulls have been capable of comprise losses and the value began to maneuver in a variety above the $16,400 stage.

Bitcoin worth is now buying and selling above $16,500 and the 100 hourly easy shifting common, just like ethereum. On the upside, a right away resistance is close to the $16,900 stage. There’s additionally a connecting bearish development line forming with resistance close to $16,900 on the hourly chart of the BTC/USD pair.

The development line is close to the 50% Fib retracement stage of the downward transfer from the $18,155 swing excessive to $15,833 low. The primary main resistance is close to the $17,000 zone. A transparent transfer above the $17,000 resistance would possibly begin a good improve.

Supply: BTCUSD on TradingView.com

The following main resistance is close to $17,265, above which the value may take a look at the $18,000 zone. Any extra features would possibly ship the value in direction of the $18,500 resistance zone.

Contemporary Decline in BTC?

If bitcoin fails to begin a restoration wave above the $17,000 resistance zone, it may begin a contemporary decline. A direct assist on the draw back is close to the $16,650 stage and the 100 hourly SMA.

The following main assist is close to the $16,350 zone. A transparent transfer under the $16,350 assist would possibly push the value additional decrease. On this case, the value could maybe decline in direction of the $16,000 assist zone.

Technical indicators:

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

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

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

Main Resistance Ranges – $16,900, $17,000 and $17,500.