Bitcoin Price Prediction: Is the Recovery Just Getting Started?

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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.

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