Key Bitcoin Price Indicators Suggest Strengthening the Case for an Upside Breakout

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Bitcoin price is attempting an upside break above $16,800. BTC could pick up some bullish momentum if it breaches the $16,800 and $17,000 levels.

Bitcoin is still trading in an important range below the $16,800 and $17,000 resistance levels. The price is trading above $16,600 and the 100 hourly simple moving average. A key bullish trend line is forming with support near $16,620 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if it settles above the resistance at $16,800. Bitcoin Price Eyes Upside Break

Bitcoin price formed a base above the $16,350 support zone. BTC started a slow rise and was able to break through the $16,650 resistance zone. The price even climbed towards the $16,800 resistance zone.

However, there was no upside break above $16,800. A high was formed near $16,770 and the price began a downward correction. There was a drop below the $16,700 level, but the bulls are active above the $16,600 level.

Bitcoin price is now trading above $16,600 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $16,685 level.

The 50% Fib retracement level of the recent decline from the $16,770 high to $16,599 high is also near the $16,685 level. The first major resistance is seen near the $16,700 area.

Source: BTCUSD on TradingView.com

The 61.8% Fib retracement level of the recent decline from the $16,770 high to $16,599 high is also near the $16,700 level. The next major resistance is near the $16,800 level. The main hurdle is still near the $17,000 level. A sharp close above the $17,000 resistance could trigger a further near-term increase.

New drop in BTC?

If bitcoin price fails to break above the $16,800 resistance, it could start a fresh decline. Immediate support on the downside is near the $16,620 level and the trendline.

The next major support is near the $16,500 level. A clear break below the $16,500 support could send the price 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 $16,500, followed by $16,350.

Major resistance levels $16,700, $16,800 and $17,000.

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