Bitcoin price remained stable above the $16,000 support zone. BTC could start a decent recovery wave if there is a clear move above the 100 hourly SMA.
Bitcoin remained well bid above the $16,000 and $15,800 support levels.
The price is trading below $17,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a recovery wave if it clears the $17,000 resistance zone.
Bitcoin price reacted to the downside once again after it failed to clear the $17,200 zone. BTC declined below the $17,000 and $16,500 levels. It even spiked below the $16,200 level.
However, the bulls were active above the $16,000 support zone. A low was formed near $16,164 and the price started a slow increase. There was a move above the $16,400 and $16,500 levels. The price cleared the 50% Fib retracement level of the recent decline from the $17,149 swing high to $16,154 low.
Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average. It is testing the 61.8% Fib retracement level of the recent decline from the $17,149 swing high to $16,154 low.
On the upside, an immediate resistance is near the $16,800 level. There is also a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair, and the 100 hourly simple moving average. A clear move above the $17,000 resistance might push the price further higher.
Source: BTCUSD on TradingView.com
The next major resistance is near $17,200, above which the price could test the $17,750 zone. Any more gains might send the price towards the $18,000 resistance zone.
If bitcoin fails to start a recovery wave above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,400 level.
The next major support is near the $16,150 zone. A clear move below the $16,150 support might push the price further lower. In this case, the price may perhaps decline towards the $15,550 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $16,150, followed by $15,550.
Major Resistance Levels – $16,800, $17,000 and $17,500.
Bitcoin price remained stable above the $16,000 support zone. BTC could start a decent recovery wave if there is a clear move above the 100 hourly SMA.
Bitcoin remained well bid above the $16,000 and $15,800 support levels.
The price is trading below $17,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a recovery wave if it clears the $17,000 resistance zone.
Bitcoin price reacted to the downside once again after it failed to clear the $17,200 zone. BTC declined below the $17,000 and $16,500 levels. It even spiked below the $16,200 level.
However, the bulls were active above the $16,000 support zone. A low was formed near $16,164 and the price started a slow increase. There was a move above the $16,400 and $16,500 levels. The price cleared the 50% Fib retracement level of the recent decline from the $17,149 swing high to $16,154 low.
Bitcoin price is now trading below $17,000 and the 100 hourly simple moving average. It is testing the 61.8% Fib retracement level of the recent decline from the $17,149 swing high to $16,154 low.
On the upside, an immediate resistance is near the $16,800 level. There is also a major bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair, and the 100 hourly simple moving average. A clear move above the $17,000 resistance might push the price further higher.
Source: BTCUSD on TradingView.com
The next major resistance is near $17,200, above which the price could test the $17,750 zone. Any more gains might send the price towards the $18,000 resistance zone.
If bitcoin fails to start a recovery wave above the $17,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $16,400 level.
The next major support is near the $16,150 zone. A clear move below the $16,150 support might push the price further lower. In this case, the price may perhaps decline towards the $15,550 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $16,150, followed by $15,550.
Major Resistance Levels – $16,800, $17,000 and $17,500.
Tags: bitcoinbtcusdBTCUSDTxbtusd
NewsBTCRead More
Strategy Inc., formerly MicroStrategy, has raised $2.01 billion through an at-the-market equity offering while reporting…
US spot Bitcoin and Ethereum ETFs recorded a combined $492 million in net inflows for…
Bitcoin Magazine UK Banks Still Blocking Bitcoin, Policy Group Tells Parliament Bitcoin Policy UK has…
Analysts say consolidation could strengthen bitcoin’s rally, while thin trading above $80,000 may set up…
Bitcoin Magazine Strive Stock Soars After 1,110 Bitcoin Buy Strive, Inc. bought 1,110 bitcoin last…
Bitcoin traders are turning their attention to Jackson Hole, where Federal Reserve Chair Kevin Warsh…
