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

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Bitcoin price is attempting a recovery wave from the $16,000 support zone. BTC could start a decent rally once it clears the $17,000 and $17,200 resistance levels in the short term.

  • Bitcoin is slowly rising and consolidating above the $16,500 level.
  • The price is trading above $16,500 and the 100 hour simple moving average.
  • The BTC/USD pair’s hourly chart (data feed from Kraken) has a bearish trend line forming resistance near $16,900.
  • The pair could start a wave of recovery once they clear the $17,000 resistance zone.

Bitcoin price consolidates

Bitcoin Price Remains Stable Above $16,000 Support ZoneBTC has formed a base and slowly climbed above the $16,350 resistance zone.

From the high of $18,155 to the low of $15,833, there was a move above the 23.6% Fib retracement level. The bull was able to limit his losses and the price started to move in a range above his $16,400.

Bitcoin price is currently trading above $16,500, similar to the 100-hour Simple Moving Average. ethereumOn the upside, immediate resistance is near $16,900. A bearish trend line has formed with resistance near $16,900 on the hourly chart of the BTC/USD pair.

The trend line is near the 50% Fib retracement level of the downward movement from the swing high of $18,155 to the low of $15,833. The first big resistance is near $17,000. A sharp break above the $17,000 resistance could start a sizeable rally.

sauce: BTCUSD on TradingView.com

The next major resistance is near $17,265, which could test the $18,000 zone. Any further gains could send the price towards the $18,500 resistance zone.

Another drop in BTC?

If Bitcoin fails to break out of the $17,000 resistance zone and start a wave of recovery, Bitcoin could start a new downtrend. Near-term support for the downside is near $16,650 and the 100-hour SMA. is.

The next major support is near $16,350. A clear break below the $16,350 support could lead to further declines. In this case, the price could probably fall towards the $16,000 support zone.

Technical indicators:

Hourly MACD – MACD is currently slowing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support Level – $16,350, followed by $16,000.

Main resistance levels – $16,900, $17,000, $17,500.

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