Bitcoin worth remains to be trying an upside break above $17,000. BTC may acquire bullish momentum if there’s a day by day shut above the $17,000 and $17,200 resistance ranges.
- Bitcoin is once more trying an upside break above the $17,000 and $17,200 ranges.
- The worth is buying and selling above $16,750 and the 100 hourly easy shifting common.
- There is a key bullish development line forming with help close to $16,820 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may acquire bullish momentum if there’s a day by day shut above the $17,200 resistance zone.
Bitcoin Price Remains Supported
Bitcoin worth climbed above the $16,800 resistance zone prior to now few classes. BTC even tried an upside break above the $17,000 resistance zone, however struggled to realize bullish momentum.
The bulls made a few makes an attempt to clear the $17,000 resistance, however failed. The latest excessive was fashioned close to $16,920 and the worth is now consolidating in a variety. It corrected a couple of factors and examined the 23.6% Fib retracement stage of the upward transfer from the $16,565 swing low to $16,920 excessive.
Bitcoin worth is now buying and selling above $16,750 and the 100 hourly simple moving average. There can be a key bullish development line forming with help close to $16,820 on the hourly chart of the BTC/USD pair.
On the upside, an instantaneous resistance is close to the $16,920 zone. The first main resistance is close to the $17,000 zone. The foremost barrier remains to be close to the $17,200 stage. A correct day by day shut above the $17,200 resistance may begin a gradual restoration wave.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $17,500, above which the worth rise in direction of the $18,000 resistance zone. Any extra positive aspects may spark a transfer in direction of the $18,500 resistance zone.
Fresh Drop in BTC?
If bitcoin fails to clear the $17,000 resistance, there could possibly be a contemporary drop. An fast help on the draw back is close to the $16,820 stage, the development line, and the 100 hourly SMA.
The subsequent main help is close to the $16,750 stage. It is near the 50% Fib retracement stage of the upward transfer from the $16,565 swing low to $16,920 excessive. A draw back break beneath the $16,750 help may ship the pair in direction of the $16,570 stage. Any extra losses may ship the worth in direction of $16,350.
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 – $16,820, adopted by $16,750.
Major Resistance Levels – $17,000, $17,200 and $17,500.
