Bitcoin worth was in a position to clear the $17,000 resistance. BTC is consolidating beneficial properties and may stay supported above the $16,750 degree.
- Bitcoin gained tempo and cleared the $16,800 and $17,000 resistance ranges.
- The worth is buying and selling above $16,800 and the 100 hourly easy shifting common.
- There is a key bullish pattern line forming with help close to $16,950 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may rise additional if it stays above the $16,500 help zone.
Bitcoin Price Extends Gains
Bitcoin worth remained properly bid above the $16,500 help zone. BTC gained tempo and was in a position to clear the $16,800 resistance zone plus the 100 hourly easy shifting common.
The upward transfer was such that the value even surpassed the $17,000 resistance zone. It traded as excessive as $17,250 earlier than the bulls confronted sellers. It is now consolidating beneficial properties above the $17,000 degree. The worth is buying and selling close to the 23.6% Fib retracement degree of the upward transfer from the $16,690 swing low to $17,250 excessive.
Bitcoin worth is now buying and selling above $16,800 and the 100 hourly easy shifting common. There is additionally a key bullish pattern line forming with help close to $16,950 on the hourly chart of the BTC/USD pair.
On the upside, an instantaneous resistance is close to the $17,950 degree. The first main resistance is close to the $17,500 zone, above which the value might maybe begin one other regular improve. In the said case, the value may rise in direction of the $18,000 resistance.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $18,800, above which the value may achieve tempo for a transfer in direction of the $19,500 zone within the close to time period.
Dips Limited in BTC?
If bitcoin fails to climb above the $17,250 resistance, there could possibly be a draw back correction. An instant help on the draw back is close to the $17,000 degree. The subsequent main help is close to the $16,950 zone and the pattern line.
The pattern line is shut to the 50% Fib retracement degree of the upward transfer from the $16,690 swing low to $17,250 excessive. A draw back break under the pattern line may name for a transfer in direction of $16,800. Any extra losses may name for a take a look at of the important thing $16,500 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 degree.
Major Support Levels – $16,950, adopted by $16,800.
Major Resistance Levels – $17,250, $17,500 and $18,000.
