Bitcoin value is making an attempt an upside break above $17,000. BTC might begin a gentle restoration if it clears the $17,000 and $17,200 resistance ranges.
- Bitcoin is making an attempt an upside break above the $17,000 and $17,200 ranges.
- The value is buying and selling above $16,800 and the 100 hourly easy shifting common.
- There was a break above a key bearish pattern line with resistance close to $16,820 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might try a contemporary enhance if there’s a clear transfer above the $17,200 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin value managed to remain above the $16,550 zone. A base was fashioned and the worth began a contemporary enhance above the $16,700 resistance zone. BTC even climbed above the $16,800 resistance and the 100 hourly simple moving average.
There was a transparent transfer above the 50% Fib retracement stage of the downward transfer from the $17,067 swing excessive to $16,565 low. Besides, there was a break above a key bearish pattern line with resistance close to $16,820 on the hourly chart of the BTC/USD pair.
Bitcoin value is now buying and selling above $16,800 and the 100 hourly easy shifting common. It can also be buying and selling above the 61.8% Fib retracement stage of the downward transfer from the $17,067 swing excessive to $16,565 low.
On the upside, a right away resistance is close to the $17,000 zone. The first main resistance is close to the $17,200 zone. A transparent transfer above the $17,200 resistance would possibly begin a gentle restoration wave.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $17,500, above which the worth climb in the direction of the $18,000 resistance zone. Any extra beneficial properties would possibly ship the pair in the direction of the $18,500 resistance zone.
Fresh Drop in BTC?
If bitcoin fails to clear the $17,200 resistance, there might be a contemporary downward transfer. An quick assist on the draw back is close to the $16,800 stage and the 100 hourly SMA
The subsequent main assist is close to the $16,680 stage. A draw back break under the $16,680 assist would possibly name for a transfer in the direction of the $16,550 stage. Any extra losses would possibly ship the worth in the direction of $16,350.
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 $16,550.
Major Resistance Levels – $17,000, $17,200 and $17,500.
