Bitcoin value remained sturdy above the $16,700 degree. BTC shaped a base and began a contemporary improve above the $17,000 resistance zone.
- Bitcoin discovered help close to $16,700 and began an honest improve.
- The value is buying and selling above $17,000 and the 100 hourly easy transferring common.
- There was a break above a significant bearish pattern line with resistance close to $16,875 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair is eyeing extra good points above the $17,400 and $17,500 resistance ranges.
Bitcoin Price Eyes Upside Break
Bitcoin price declined below the $16,800 support level. However, BTC bears didn’t clear the $16,700 degree. The value traded as little as $16,700 earlier than there was a contemporary improve.
There was an honest improve above the $16,850 and $16,900 ranges. The value cleared the 50% Fib retracement degree of the downward transfer from the $17,440 swing excessive to $16,700 low. Besides, there was a break above a significant bearish pattern line with resistance close to $16,875 on the hourly chart of the BTC/USD pair.
Bitcoin value is now buying and selling above $17,000 and the 100 hourly simple moving average. It can also be buying and selling close to the 76.4% Fib retracement degree of the downward transfer from the $17,440 swing excessive to $16,700 low.
Source: BTCUSD on TradingView.com
On the upside, an instantaneous resistance is close to the $17,280 degree. The first main resistance is close to the $17,450 zone, above which the worth could maybe begin one other regular improve. In the said case, the worth may rise in direction of the $18,000 resistance. The subsequent main resistance is close to $18,250, above which the worth rise in direction of the $18,500 zone within the close to time period.
Dips Supported in BTC?
If bitcoin fails to clear the $17,280 resistance, there might be a contemporary bearish response. An quick help on the draw back is close to the $17,100 degree.
The subsequent main help is close to the $17,000 zone and the 100 hourly easy transferring common. A draw back break under the $17,000 help would possibly name a drop in direction of $16,700. Any extra losses would possibly push the worth in direction of the $16,200 zone within the close to time period.
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 within the overbought zone.
Major Support Levels – $17,000, adopted by $16,700.
Major Resistance Levels – $17,280, $17,500 and $18,000.
