- Bitcoin price started a recovery wave above the $17,000 support against the US Dollar.
- The price is now trading above $17,000 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $17,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could rise further if it clears the $18,000 resistance zone.
Bitcoin price is recovering above $17,000 against the US Dollar. BTC might extend its recovery if it stays above the $17,000 support zone.
Bitcoin Price Analysis
Bitcoin price remained well supported near the $16,500 zone. The price formed a base and started a recovery wave above the $16,880 level.
There was a recovery wave above the $17,000 resistance zone and the 55 simple moving average (4-hours). The pair even cleared the $17,500 resistance zone. However, the bears appeared near the $18,000 zone. A high is formed near $17,999 and the price is now consolidating gains.
There was a move below the 23.6% Fib retracement level of the upward move from the $16,875 swing low to $17,999 high. It is now trading above $17,200 and the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $17,800 level. The next major resistance might near the $18,000 zone. A clear move above the $18,000 level might send the price towards $18,500, above which the price might rise towards the $19,150 resistance.
Any more gains might push the price towards the $19,500 zone. If there is no upside break, the price might start a fresh decline below $17,500. The first major support is near the $17,420 level or the 50% Fib retracement level of the upward move from the $16,875 swing low to $17,999 high.
There is also a major bullish trend line forming with support near $17,200 on the 4-hours chart of the BTC/USD pair. The next key support is near the $17,000 level, below which the price might accelerate lower.
In the stated case, the price could decline towards the $16,500 level. Any more losses might send the price towards the $16,200 level.
Looking at the chart, bitcoin price is clearly trading above $17,000 and the 55 simple moving average (4-hours). Overall, the price could rise further if it clears the $18,000 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $17,420 and $17,200.
Key Resistance Levels – $17,800, $18,000 and $18,500.
