Bitcoin Price Prediction: Recovery Just Getting Started or It’s Bull Trap?

Bitcoin Price Prediction: Recovery Just Getting Started or It’s Bull Trap?

Bitcoin price gained pace and was able to clear $16,500. BTC must settle above $17,000 to start a real recovery in the near term.


  • Bitcoin started an upside correction and climbed above the $16,500 resistance.

  • The price is trading above $16,400 and the 100 hourly simple moving average.

  • There was a break above a major bearish trend line with resistance near $16,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could continue to rise if it settles above the $17,000 resistance zone.

  • Bitcoin Price Recovers


    Bitcoin price formed a decent support base above the $15,500 support zone. BTC remained well bid and started an upside correction above the $16,000 resistance.


    There was a clear move above the 50% Fib retracement level of the main drop from the $16,795 swing high to $15,470 low. Besides, there was a break above a major bearish trend line with resistance near $16,220 on the hourly ..

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