Bitcoin Price Shows Signs of Life and May Clear This Hurdle Soon

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Bitcoin price is attempting an upside break above $16,800. BTC could start a decent rise if it clears the $16,800 and $17,000 resistance levels.

Bitcoin is still facing strong resistance near $17,000 and $17,200. The price is trading above $16,700 and the 100 hourly simple moving average. A key bearish trend line is forming with resistance near $16,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might attempt a further rise if there is a clear move above the $17,000 resistance zone. Bitcoin Price Eye Recovery

Bitcoin price remained steady above the $16,500 area. BTC attempted an upside break above the $17,000 resistance, but faced some sellers.

A high was formed near $17,067 and the price began a downward correction. There was a move below the $16,800 level and the 100 hourly simple moving average. The price fell below the 50% Fib retracement level of the bullish move from the low from the $16,260 low to $17,067 low.

Bitcoin price tested the $16,550 level, where it found support. It held steady above the 61.8% Fib retracement level of the bullish move from the low from the $16,260 high to $17,067 high.

The price recouped the losses and climbed above $16,700. It is now trading above $16,700 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $16,800 area. There is also a key bearish trend line forming with resistance near $16,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first major resistance is near the $17,000 area. A clear move above the $17,000 resistance could encourage the bulls to push the price above the $17,200 resistance. If they are successful, the price might even break above the $17,500 level. The next major resistance is near $18,000, above which the price climbs towards the $18,500 resistance zone.

New drop in BTC?

If bitcoin fails to clear the $17,000 resistance, there could be a further decline. Immediate support on the downside is near the $16,750 level and the 100 hourly SMA

The next major support is near the $16,550 level. A break lower below the $16,550 support may require a move towards the $16,350 level. Any further losses could push the price up towards $16,000.

Technical indicators:

Hourly MACD The MACD is now accelerating in the bullish zone.

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

Main support levels $16,700, followed by $16,550.

Major resistance levels $16,800, $17,000 and $17,500.

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