Bitcoin worth traded above the $17,000 resistance. BTC is correcting positive factors and would possibly decline in direction of the $16,650 assist zone within the close to time period.
- Bitcoin gained tempo and cleared the $17,000 and $17,200 resistance ranges.
- The worth is buying and selling above $16,650 and the 100 hourly easy transferring common.
- There was a break beneath a significant bullish pattern line with assist close to $16,980 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might right decrease in direction of the $16,650 and $16,500 assist ranges.
Bitcoin Price Faces Bears
Bitcoin worth tried a steady increase above the $17,000 resistance zone. It even broke the $17,200 stage and settled above the 100 hourly easy transferring common.
However, the bears have been energetic above the $17,200 stage. A excessive was shaped close to $17,319 earlier than the value began a draw back correction. There was a transfer beneath the $17,000 assist zone. The worth declined beneath the 23.6% Fib retracement stage of the upward transfer from the $16,000 swing low to $17,319 excessive.
Besides, there was a break beneath a significant bullish pattern line with assist close to $16,980 on the hourly chart of the BTC/USD pair. Bitcoin worth continues to be buying and selling above $16,650 and the 100 hourly simple moving average.
On the upside, an instantaneous resistance is close to the $17,000 stage. The first main resistance is close to the $17,250 zone, above which the value could maybe begin one other regular improve. In the said case, the value might rise in direction of the $17,800 resistance.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $18,800, above which the value might try a transfer in direction of the $19,500 zone within the close to time period.
Dips Supported in BTC?
If bitcoin fails to start out a contemporary improve above the $17,000 resistance, there may very well be extra downsides. An quick assist on the draw back is close to the $16,800 stage. The subsequent main assist is close to the $16,650 zone.
The 50% Fib retracement stage of the upward transfer from the $16,000 swing low to $17,319 excessive can also be close to the $16,650 assist. A draw back break beneath the $16,650 assist would possibly name for a transfer in direction of $16,500. Any extra losses would possibly name for a check of the important thing $16,000 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $16,800, adopted by $16,650.
Major Resistance Levels – $17,000, $17,250 and $17,800.
