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

Bitcoin price remained stable above the $16,000 support zone. BTC formed a base and slowly moved higher above the $16,350 resistance zone.

There was a move above the 23.6% Fib retracement level of the downward move from the $18,155 swing high to $15,833 low. The bulls were able to contain losses and the price started to move in a range above the $16,400 level.

Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average, similar to ethereum. On the upside, an immediate resistance is near the $16,900 level. There is also a connecting bearish trend line forming 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 move from the $18,155 swing high to $15,833 low. The first major resistance is near the $17,000 zone. A clear move above the $17,000 resistance might start a decent increase.

Source: BTCUSD on TradingView.com

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

If bitcoin fails to start a recovery wave above the $17,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $16,650 level and the 100 hourly SMA.

The next major support is near the $16,350 zone. A clear move below the $16,350 support might push the price further lower. In this case, the price may perhaps decline towards the $16,000 support zone.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

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

Major Resistance Levels – $16,900, $17,000 and $17,500.

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