Bitcoin’s price increased and reached $16,500. To begin a serious recovery in the near future, BTC needs to settle over $17,000. Bitcoin’s price created a solid support foundation above the $15,500 level.
BTC remained heavily bid and began an uptrend above the $16,000 barrier level.
There was a definite rise over the 50% Fib retracement line of the main collapse from the swing high of $16,795 to the low of $15,470.
Furthermore, on the hourly chart of the BTC/USD pair, there was a break above a strong negative trend line with resistance near $16,220.
Bitcoin is trading above the $16,400 mark and the 100 hourly simple moving average. It is also well above the 76.4% Fib retracement level of the main slide from the swing high of $16,795 to the low of $15,470.
On the upside, an immediate resistance level is near $16,800.
The first significant resistance is located near the $17,000 level.
A good daily close over the $17,000 resistance level could signal the commencement of a genuine rebound wave. The next big barrier is near $17,500, and the price may accelerate toward the $18,000 zone.
A possible intermediate resistance level is $17,650. It is near the 1.618 Fib extension level of the main slide from the swing high of $16,795 to the low of $15,470. If bitcoin does not settle above the $17,000 resistance level, it may begin another slide.
On the downside, immediate support is near the $16,500 level, with a connected bullish trend line on the same chart.
The next key support is in the $16,250 area and the 100 hourly simple moving average, below which the price may begin to fall.
In the aforementioned scenario, the price could fall toward the $15,500 support zone.