Bitcoin on the Rise, Brace for a Buy Signal

Bitcoin’s price surged to reach $16,500. To start a serious recovery in the near future, BTC needs to clear above USD 17,000. Bitcoin price created a solid support base above the $15,500 level.

BTC remained heavily bid and started an uptrend above the $16,000 barrier level.

There was a clear rise across the 50% Fib retracement line from the main collapse from the swing high of $16,795 to the low of $15,470.

Further on the hourly chart of the Bitcoin/USD few, there was a break above a strong negative trendline with resistance at $16,220.

Bitcoin is trading above $16,400 and the 100 hourly moving average. It is also well above the 76.4% Fib retracement level of the main slide from the swing high of $16,795 to the low of $15,470.

On the upside, an immediate resistance level is near $16,800.

The first significant resistance is near the $17,000 level.

A good daily close above the USD 17,000 resistance level could be the start of a real rebound wave. The next major barrier is near $17,500, and the price may accelerate towards the $18,000 zone.

A possible average resistance level is $17,650. It is near the 1.618 Fib extension level of the main slide from the swing high of $16,795 to the low of $15,470. If bitcoin fails to break above the $17,000 resistance level, it could start a new slide.

On the downside, immediate support is near the $16,500 level, with a connected bullish trendline on the same chart.

The next key support is in the $16,250 area and the 100 hourly moving average, below which the price may start to fall.
In the aforementioned scenario, the price could fall towards the $15,500 support zone.

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