Bitcoin worth was in a position to clear the $17,000 resistance. BTC is consolidating beneficial properties and would possibly stay supported above the $16,750 degree.
- Bitcoin gained tempo and cleared the $16,800 and $17,000 resistance ranges.
- The worth is buying and selling above $16,800 and the 100 hourly easy shifting common.
- There is a key bullish development line forming with assist close to $16,950 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may rise additional if it stays above the $16,500 assist zone.
Bitcoin Price Extends Gains
Bitcoin price remained well bid above the $16,500 assist zone. BTC gained tempo and was in a position to clear the $16,800 resistance zone plus the 100 hourly easy shifting common.
The upward transfer was such that the worth even surpassed the $17,000 resistance zone. It traded as excessive as $17,250 earlier than the bulls confronted sellers. It is now consolidating beneficial properties above the $17,000 degree. The worth is buying and selling close to the 23.6% Fib retracement degree of the upward transfer from the $16,690 swing low to $17,250 excessive.
Bitcoin worth is now buying and selling above $16,800 and the 100 hourly simple moving average. There can also be a key bullish development line forming with assist close to $16,950 on the hourly chart of the BTC/USD pair.
On the upside, a direct resistance is close to the $17,950 degree. The first main resistance is close to the $17,500 zone, above which the worth could maybe begin one other regular improve. In the said case, the worth may rise in direction of the $18,000 resistance.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $18,800, above which the worth may achieve tempo for a transfer in direction of the $19,500 zone within the close to time period.
Dips Limited in BTC?
If bitcoin fails to climb above the $17,250 resistance, there might be a draw back correction. An instant assist on the draw back is close to the $17,000 degree. The subsequent main assist is close to the $16,950 zone and the development line.
The development line is near the 50% Fib retracement degree of the upward transfer from the $16,690 swing low to $17,250 excessive. A draw back break beneath the development line would possibly name for a transfer in direction of $16,800. Any extra losses would possibly name for a take a look at of the important thing $16,500 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $16,950, adopted by $16,800.
Major Resistance Levels – $17,250, $17,500 and $18,000.
