Bitcoin value prolonged its rise and traded in direction of $17,400. BTC is correcting positive factors, nevertheless it stays properly supported close to the $17,000 zone.
- Bitcoin prolonged its enhance above the $17,000 and $17,200 resistance ranges.
- The value is buying and selling above $17,000 and the 100 hourly easy shifting common.
- There is a key bullish development line forming with assist close to $16,880 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might rise additional if it stays above the $17,000 assist and the development line.
Bitcoin Price Extends Increase
Bitcoin value remained in a positive zone above the $16,800 stage. BTC prolonged its enhance after there was a transparent shut above the $17,000 stage and the 100 hourly easy shifting common.
The value gained tempo and traded above the $17,250 stage. It traded to a brand new yearly excessive at $17,391 earlier than the bears appeared. There was a minor draw back correction beneath the $17,250 stage. It is now buying and selling close to the 50% Fib retracement stage of the upward wave from the $16,911 swing low to $17,391 excessive.
Bitcoin value is now buying and selling above $17,000 and the 100 hourly simple moving average. There can be a key bullish development line forming with assist close to $16,880 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, a right away resistance is close to the $17,280 stage. The subsequent main resistance is close to the $17,400 zone, above which the worth would possibly even clear the $17,500 resistance. In the said case, the worth might maybe rise in direction of the $18,000 stage. Any extra positive factors would possibly ship btc value in direction of the $18,500 stage.
Dips Supported in BTC?
If bitcoin value fails to clear the $17,300 resistance, it might prolong its draw back correction. An quick assist on the draw back is close to the $17,150 stage.
The subsequent main assist is close to the $17,080 stage. It is close to the 61.8% Fib retracement stage of the upward wave from the $16,911 swing low to $17,391 excessive. The essential assist is now forming close to the $17,000 zone and the development line area, beneath which the worth would possibly retest $16,500.
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 – $17,150, adopted by $17,000.
Major Resistance Levels – $17,300, $17,400 and $18,000.
