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.

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.

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.

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.