Bitcoin value remained properly bid above the $16,920 help. BTC climbed increased and may quickly purpose an upside break above the $17,500 resistance zone.
- Bitcoin discovered a powerful shopping for curiosity close to the $16,920 and $16,900 ranges.
- The value is buying and selling above $17,000 and the 100 hourly easy shifting common.
- There is a significant contracting triangle forming with resistance close to $17,220 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may acquire bullish momentum if it clears the $17,250 and $17,450 resistance ranges.
Bitcoin Price Eyes Upside Break
Bitcoin price corrected lower from the $17,292 swing excessive. BTC declined under the $17,000 stage and the 100 hourly easy shifting common.
However, the bulls have been lively close to the $16,920 and $16,900 ranges. A low was fashioned close to $16,880 and the worth began a recent enhance. There was a transparent transfer above the $17,000 resistance zone and the 100 hourly simple moving average.
Bitcoin value is now consolidating positive factors close to the $17,150 stage. There was a minor decline under the 23.6% Fib retracement stage of the current enhance from the $16,880 low to $17,247 excessive.
On the upside, an instantaneous resistance is close to the $17,150 stage. There can also be a significant contracting triangle forming with resistance close to $17,220 on the hourly chart of the BTC/USD pair. The first main resistance is close to the $17,300 zone, above which the worth could maybe revisit the $17,450 zone.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $17,500, above which the worth begin a gentle enhance and rise in direction of the $18,000 zone within the close to time period.
Dips Limited in BTC?
If bitcoin fails to clear the $17,150 resistance, there could possibly be a recent decline. An fast help on the draw back is close to the $17,120 stage and the 100 hourly easy shifting common.
The subsequent main help is close to the $17,000 zone. It is close to the 50% Fib retracement stage of the current enhance from the $16,880 low to $17,247 excessive. A draw back break under the $17,000 help may name a drop in direction of $16,880. Any extra losses may push the worth in direction of the $16,500 zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $17,000, adopted by $16,880.
Major Resistance Levels – $17,150, $17,300 and $17,450.
