Bitcoin value began a draw back correction from the $17,500 resistance. BTC is buying and selling above the $16,800 help and would possibly begin a recent improve.
- Bitcoin examined the $16,800 help zone and traded as little as $16,888.
- The value is buying and selling close to $17,000 and the 100 hourly easy shifting common.
- There was a break above a key contracting triangle with resistance close to $17,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair should keep above the $16,800 help to start out a recent improve.
Bitcoin Price Holds Key Support
Bitcoin value tried one other improve above the $17,500 resistance zone. However, BTC failed to achieve energy above the $17,400 stage. A excessive was fashioned close to $17,440 earlier than there was a draw back correction.
There was a transfer under the $17,200 help zone and the 100 hourly easy shifting common. However, the bulls have been energetic above the $16,800 help zone. A low was fashioned close to $16,888 and the worth is now consolidating losses.
There was a minor improve above the $17,000 stage. Bitcoin value is now buying and selling close to $17,000 and the 100 hourly simple moving average. Besides, there was a break above the 23.6% Fib retracement stage of the current drop from the $17,440 swing excessive to $16,888 low.
There was additionally a break above a key contracting triangle with resistance close to $17,000 on the hourly chart of the BTC/USD pair. On the upside, a direct resistance is close to the $17,170 stage. It is close to the 50% Fib retracement stage of the current drop from the $17,440 swing excessive to $16,888 low.
Source: BTCUSD on TradingView.com
The first main resistance is close to the $17,200 zone, above which the worth could maybe begin one other regular improve. In the said case, the worth may rise in direction of the $17,450 resistance. The subsequent main resistance is close to $17,500, above which the worth rise in direction of the $18,000 zone within the close to time period.
More Losses in BTC?
If bitcoin fails to start out a recent improve above the $17,170 resistance, there might be extra downsides. An quick help on the draw back is close to the $16,880 stage.
The subsequent main help is close to the $16,800 zone. A draw back break under the $16,800 help would possibly name a drop in direction of $16,500. Any extra losses would possibly name for a check of the important thing $16,000 help zone within the close to time period.
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 – $16,800, adopted by $16,500.
Major Resistance Levels – $17,170, $17,200 and $17,500.
