Bitcoin value is nonetheless making an attempt an upside break above $17,000. BTC might achieve bullish momentum if there is a day by day shut above the $17,000 and $17,200 resistance ranges.
- Bitcoin is once more making an attempt an upside break above the $17,000 and $17,200 ranges.
- The value is buying and selling above $16,750 and the 100 hourly easy transferring 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 might achieve bullish momentum if there is a day by day shut above the $17,200 resistance zone.
Bitcoin Price Remains Supported
Bitcoin value climbed above the $16,800 resistance zone up to now few classes. BTC even tried an upside break above the $17,000 resistance zone, however struggled to achieve bullish momentum.
The bulls made a few makes an attempt to clear the $17,000 resistance, however failed. The latest excessive was shaped close to $16,920 and the worth is now consolidating in a variety. It corrected just a few factors and examined the 23.6% Fib retracement degree of the upward transfer from the $16,565 swing low to $16,920 excessive.
Bitcoin value is now buying and selling above $16,750 and the 100 hourly easy transferring common. There is additionally 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 primary barrier is nonetheless close to the $17,200 degree. A correct day by day shut above the $17,200 resistance would possibly begin a gentle restoration wave.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $17,500, above which the worth rise in the direction of the $18,000 resistance zone. Any extra features would possibly spark a transfer in the direction of the $18,500 resistance zone.
Fresh Drop in BTC?
If bitcoin fails to clear the $17,000 resistance, there might be a recent drop. An speedy help on the draw back is close to the $16,820 degree, the development line, and the 100 hourly SMA.
The subsequent main help is close to the $16,750 degree. It is shut to the 50% Fib retracement degree of the upward transfer from the $16,565 swing low to $16,920 excessive. A draw back break beneath the $16,750 help would possibly ship the pair in the direction of the $16,570 degree. Any extra losses would possibly ship the worth in the 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 degree.
Major Support Levels – $16,820, adopted by $16,750.
Major Resistance Levels – $17,000, $17,200 and $17,500.
