Key Takeaways:
- Bitcoin price is slowly moving higher above the $16,500 zone.
- BTC/USD cleared a connecting bearish trend line with resistance near $16,850 on the 4-hours chart.
- The price must clear the $17,000 hurdle for a sustained move higher.
New Delhi(Coinchapter.com): Bitcoin price is attempting an upside break above $16,800. BTC/USD could start a decent increase if there is a clear move above $17,000.
Bitcoin Price Stuck In Range
After a major decline, Bitcoin price found support near the $16,250 zone. The BTC/USD pair formed a base and started a decent increase above the $16,600 level. The price settled above the $16,600 level to move into a bullish zone, like ethereum.
The price climbed above the $16,800 level and the 50 simple moving average (4-hours, blue). During the increase, the price cleared a connecting bearish trend lien with resistance near $16,850 on the 4-hours chart.
The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $18,391 swing high to $16,261 low.
On the upside, an immediate resistance is near the $16,960 level. The first major resistance is near the $17,000 level. A clear move above the $17,000 level might start a decent increase towards the $17,320 level.
The 50% Fib retracement level of the downward move from the $18,391 swing high to $16,261 low is also near the $17,320 zone to act as a hurdle. The next major resistance is near the $17,580 zone.
Any more gains might send the price towards the $17,580 resistance zone, above which the price could start a major increase in the coming sessions. In the stated case, the price could rise steadily towards the $18,00 level.
Range Moves?
On the downside, the first major support is near the $16,680 level and the 50 simple moving average (4-hours, blue). The next key support sits near the $16,600 level. A clear move below the $16,600 support could spark a bearish move.
The next major support is near the $16,250 support zone. Any more losses may perhaps send the price towards $15,500.
Overall, bitcoin price is attempting an upside break above the $17,000 and $17,320 resistance zone. If there is a close below the $17,320 support level, the price could start a strong increase. Conversely, the price might start another drop and revisit the $16,260 support zone.
