hdon94
Long

BTC Trying Hard To Recover

BITFINEX:BTCUSD   Bitcoin / Dollar
BTC over the last 24 hours has been moving higher but has a lot more work to do before I will be convinced that the worst of this pullback is over.
Below are the steps I feel are necessary for BTC to continue higher.

1) I would like to see BTC clear the most recent high at $15131, it will have to overcome resistance in the $15,000 area first.
2) Next, BTC will need to break through resistance in the $16,000 area then clear the high at $16,494.
3) I see significant resistance between $16,000 and $17,000 so if BTC can break above $17,000 IMO it will have enough momentum that a new all-time high would follow fairly soon.