Bitcoin worth climbed greater above the $16,800 resistance. BTC may rise additional if it clears the $17,000 and $17,050 ranges.
- Bitcoin is slowly transferring greater above the $16,800 and $16,850 resistance ranges.
- The worth is buying and selling above $16,700 and the 100 hourly easy transferring common.
- There is a serious bullish pattern line forming with assist close to $16,700 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may rise steadily if there’s a shut above the $17,000 resistance.
Bitcoin Price Climbs Higher
Bitcoin worth remained steady above the $16,500 support zone. BTC began a good enhance and was capable of clear the $16,800 resistance stage.
The worth even surged above the $16,850 stage and the 100 hourly easy transferring common. There was a spike in the direction of the $17,000 stage. A excessive was shaped close to $16,987 and the worth is now correcting positive aspects. There was a minor transfer beneath the $16,900 stage.
The worth spiked beneath the 50% Fib retracement stage of the current enhance from the $16,614 swing low to $16,987 excessive. Bitcoin worth is now buying and selling above $16,700 and the 100 hourly simple moving average.
There can also be a serious bullish pattern line forming with assist close to $16,700 on the hourly chart of the BTC/USD pair. On the upside, a right away resistance is close to the $16,900 stage.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to the $17,000 zone. A correct shut above the $17,000 resistance would possibly begin a gentle enhance within the close to time period. In the said case, the worth could maybe rise in the direction of the $17,500 stage. Any extra positive aspects would possibly ship the worth in the direction of the $18,000 stage within the coming classes.
Dips Limited in BTC?
If bitcoin worth fails to climb the $17,000 resistance, it may begin a draw back correction. An rapid assist on the draw back is close to the $16,750 stage.
The 61.8% Fib retracement stage of the current enhance from the $16,614 swing low to $16,987 excessive can also be close to the $16,750 stage. The subsequent main assist is close to the $16,700 stage and the pattern line. A transparent transfer beneath the $16,700 assist would possibly ship the worth in the direction of the $16,500 stage. Any extra losses would possibly ship the worth in the direction of $16,350.
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 stage.
Major Support Levels – $16,750, adopted by $16,700.
Major Resistance Levels – $16,900, $17,000 and $17,500.
