Bitcoin Price Prediction: Is the Recovery Just Getting Started?

Bitcoin price is slowly moving higher above the $16,750 resistance zone. BTC could gain bullish momentum if it settles above the $17,000 resistance zone. Bitcoin is slowly gaining pace from the $16,350 and $16,000 support levels. The price is trading above $16,500 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a steady increase if there is a close above the $17,000 resistance zone. Bitcoin Price Starts Recovery Bitcoin price corrected lower below the $16,600 and $16,500 levels. However, BTC remained well bid above the $16,350 support zone. A low was formed near $16,370 and the price started a slow recovery wave. There was a move above the $16,500 and $16,600 resistance levels. The price cleared the 50% Fib retracement level of the recent decline from the $17,098 swing high to $16,370 low. Besides, there was a break above a key bearish trend line with resistance near $16,600 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $16,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,950 level. It is near the 76.4% Fib retracement level of the recent decline from the $17,098 swing high to $16,370 low. Source: BTCUSD on TradingView.com The first major resistance is near the $17,000 zone. A close above the $17,000 resistance could set the pace for a steady recovery wave. The next major resistance is near $17,500, above which the price could gain pace for a move towards the $18,000 zone. Fresh Decline in BTC? If bitcoin fails to gain pace above the $17,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $16,700 level and the 100 hourly SMA. The next major support is near the $16,350 zone, below which the price might test the main support at $16,000. A clear move below the $16,000 support might send the price further lower. 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 – $16,350, followed by $16,000. Major Resistance Levels – $17,000, $17,500 and $18,000.