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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Bitcoin Price Key Indicators Suggest Strengthening Case For Upside Break

Aayush Jindal by Aayush Jindal
9 months ago
in BTC
Reading Time: 2 mins read

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

  • Bitcoin is still trading in a major range below the $16,800 and $17,000 resistance levels.
  • The price is trading above $16,600 and the 100 hourly simple moving average.
  • There is a key bullish trend line 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 $16,800 resistance.

Bitcoin Price Eyes Upside Break

Bitcoin price formed a base above the $16,350 support zone. BTC started a slow increase and was able to clear the $16,650 resistance zone. The price even spiked 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 started a downside 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 swing high to $16,599 low is also near the $16,685 level. The first major resistance is near the $16,700 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

The 61.8% Fib retracement level of the recent decline from the $16,770 swing high to $16,599 low is also near the $16,700 level. The next major resistance is near the $16,800 level. The main barrier is still near the $17,000 level. A clear close above the $17,000 resistance might start a fresh increase in the near term.

Fresh Drop in BTC?

If bitcoin price fails to surpass the $16,800 resistance, it could start another decline. An immediate support on the downside is near the $16,620 level and the trend line.

The next major support is near the $16,500 level. A clear move below the $16,500 support might send the price towards the $16,350 level. Any more losses might send the price towards $16,000.

Technical indicators:

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

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

Major Support Levels – $16,500, followed by $16,350.

Major Resistance Levels – $16,700, $16,800 and $17,000.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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