Bitcoin worth prolonged its enhance and traded in direction of $17,500. BTC is consolidating beneficial properties and may purpose a transfer in direction of the $18,000 resistance.
- Bitcoin prolonged its rise above the $17,200 and $17,250 resistance ranges.
- The worth is buying and selling above $17,200 and the 100 hourly easy shifting common.
- There is a significant bullish development line forming with assist close to $17,350 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might proceed to maneuver up in direction of the $18,000 resistance zone.
Bitcoin Price Gains Momentum
Bitcoin worth settled above the important thing $17,000 pivot zone, opening the doorways for extra beneficial properties. BTC climbed additional larger and was capable of clear the $17,250 resistance zone.
The worth even broke the $17,400 resistance zone and examined the subsequent barrier at $17,500. A excessive is fashioned close to the $17,500 degree the worth is now consolidating beneficial properties. It is now testing the 23.6% Fib retracement degree of the upward move from the $17,136 swing low to $17,500 excessive.
Bitcoin worth can also be buying and selling above $17,200 and the 100 hourly easy shifting common. Besides, there’s a main bullish development line forming with assist close to $17,350 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, a direct resistance is close to the $17,500 degree. The subsequent main resistance is close to the $18,000 zone, above which the worth may speed up larger. In the said case, the worth might maybe rise in direction of the $18,500 degree. Any extra beneficial properties may ship btc worth in direction of the $19,200 degree.
Dips Limited in BTC?
If bitcoin worth fails to clear the $17,500 resistance, it might begin a draw back correction. An instant assist on the draw back is close to the $17,350 degree and the development line.
The subsequent main assist is close to the $17,270 degree. It is close to the 61.8% Fib retracement degree of the upward transfer from the $17,136 swing low to $17,500 excessive. The predominant assist is now forming close to the $17,130 degree, under which the worth may retest $16,800.
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 – $17,350, adopted by $17,130.
Major Resistance Levels – $17,500, $17,800 and $18,000.
