Bitcoin worth began a draw back correction from the $17,000 resistance. BTC discovered help close to $16,750 and would possibly quickly try an upside break above $17,000.
- Bitcoin is exhibiting bullish indicators above the $16,600 and $16,750 ranges.
- The worth is buying and selling above $16,750 and the 100 hourly easy shifting common.
- There is a vital bullish development line forming with help close to $16,750 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might begin a robust improve if there’s a shut above the $17,000 resistance.
Bitcoin Price Remains Supported
Bitcoin worth tried a decent upward move above the $16,800 resistance degree. BTC even spiked in direction of the $17,000 resistance zone, however there was no clear upside break.
A excessive was shaped close to $16,987 and the worth began a draw back correction. There was a transfer under the $16,800 help zone. The worth declined under the 50% Fib retracement degree of the upward transfer from the $16,615 swing low to $16,987 excessive.
However, bitcoin worth discovered help close to the $16,750 degree. The 61.8% Fib retracement degree of the upward transfer from the $16,615 swing low to $16,987 excessive is appearing as a help.
There can also be a vital bullish development line forming with help close to $16,750 on the hourly chart of the BTC/USD pair. The pair is steady above $16,750 and the 100 hourly simple moving average. On the upside, an instantaneous resistance is close to the $16,900 degree.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to the $17,000 zone. A clear transfer and shut above the $17,000 resistance would possibly begin a robust improve within the close to time period. In the said case, the worth could maybe rise in direction of the $17,550 degree. Any extra positive aspects would possibly name for a transfer in direction of the $18,000 degree.
Dips Supported in BTC?
If bitcoin worth fails to clear the $17,000 resistance, it might begin a draw back correction. An speedy help on the draw back is close to the $16,800 degree.
The subsequent main help is close to the $16,750 degree and the development line. A draw back break under the $16,750 help would possibly ship the worth in direction of the $16,500 degree. Any extra losses would possibly name for a take a look at 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 degree.
Major Support Levels – $16,750, adopted by $16,700.
Major Resistance Levels – $16,900, $17,000 and $17,500.
