Bitcoin value gained bullish momentum above the $16,500 resistance. BTC may rise additional if there’s a shut above the $17,000 resistance.
- Bitcoin began a good enhance above the $16,500 and $16,650 resistance ranges.
- The value is buying and selling above $16,500 and the 100 hourly easy shifting common.
- There was a break above a serious bearish development line with resistance close to $16,450 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may rise additional if there’s a shut above the $17,000 resistance.
Bitcoin Price Gains Bullish Momentum
Bitcoin price formed a base above the $16,200 help zone. BTC began a gentle enhance and was in a position to clear the $16,500 resistance zone and the 100 hourly easy shifting common.
During the rise, there was a break above a serious bearish development line with resistance close to $16,450 on the hourly chart of the BTC/USD pair. The pair even surpassed the 76.4% Fib retracement stage of the downward transfer from the $16,589 swing excessive to $16,000 low.
Bitcoin value is now buying and selling above $16,500 and the 100 hourly simple moving average. It is testing the 1.618 Fib extension stage of the downward transfer from the $16,589 swing excessive to $16,000 low.
Source: BTCUSD on TradingView.com
On the upside, a direct resistance is close to the $16,950 stage. The first main resistance is close to the $17,000 zone, above which the worth could maybe speed up increased. In the said case, the worth may check the $17,500 resistance. The subsequent main resistance is close to $18,000, above which the worth may achieve tempo for a transfer in the direction of the $18,800 zone.
Dips Supported in BTC?
If bitcoin fails to climb above the $17,000 resistance, there could possibly be a draw back correction. An instant help on the draw back is close to the $16,800 stage.
The subsequent main help is close to the $16,500 zone or the 100 hourly SMA, under which the worth decline additional. In the said case, the worth may drop in the direction of the $16,200 help zone. Any extra losses may name for a check of the important thing $16,000 help zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $16,800, adopted by $16,500.
Major Resistance Levels – $16,950, $17,000 and $17,500.
