Bitcoin value gained tempo for a contemporary transfer above $17,000. BTC is rising and may climb larger in direction of the $18,000 resistance zone.
- Bitcoin began a contemporary improve above $17,000 and $17,200 resistance ranges.
- The value is buying and selling above $16,800 and the 100 hourly easy transferring common.
- There was a break above a significant bearish pattern line with resistance close to $17,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair appears to be eyeing a transfer in direction of the $17,650 resistance and even $18,000.
Bitcoin Price Restarts Increase
Bitcoin value discovered assist close to the $16,800 zone after a draw back correction. BTC remained properly bid and began a contemporary improve above the $17,000 resistance zone.
It even broke the $17,150 degree and settled above the 100 hourly easy transferring common. The value gained tempo above the 76.4% Fib retracement degree of the downward transfer from the $17,315 swing excessive to $16,784 swing low. Besides, there was a break above a significant bearish pattern line with resistance close to $17,000 on the hourly chart of the BTC/USD pair.
Bitcoin value is now buying and selling above $16,800 and the 100 hourly easy transferring common. It is buying and selling close to the $17,250 degree. On the upside, an instantaneous resistance is close to the $17,350 degree.
The first main resistance is close to the $17,450 zone, above which the worth could maybe begin one other regular improve. In the acknowledged case, the worth might rise in direction of the $17,650 resistance. It is close to the 1.618 Fib extension degree of the downward transfer from the $17,315 swing excessive to $16,784 swing low.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $18,000, above which the worth might try a transfer in direction of the $18,500 zone within the close to time period.
Dips Limited in BTC?
If bitcoin fails to begin a contemporary improve above the $17,350 resistance, there could possibly be extra downsides. An speedy assist on the draw back is close to the $17,150 degree.
The subsequent main assist is close to the $17,000 zone and the 100 hourly easy transferring common. A draw back break beneath the $17,000 assist may name for a transfer in direction of $16,750. Any extra losses may name for a check of the important thing $16,500 assist zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now within the overbought zone.
Major Support Levels – $17,150, adopted by $17,000.
Major Resistance Levels – $17,350, $17,450 and $18,000.
