Bitcoin worth gained tempo and cleared the $17,000 resistance. BTC is exhibiting optimistic indicators and would possibly rise in direction of the $18,000 resistance.
- Bitcoin began a contemporary enhance above the $16,800 and $17,000 resistance ranges.
- The worth is buying and selling above $16,800 and the 100 hourly easy transferring common.
- There is a significant bullish pattern line forming with assist close to $16,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may rise additional in direction of the following hurdle close to the $18,000 resistance.
Bitcoin Price Gains Momentum
Bitcoin worth fashioned a support base above the $16,650 level. BTC remained properly bid and began a contemporary enhance above the $16,800 and $17,000 resistance ranges.
There was a detailed above the $17,000 stage and the 100 hourly easy transferring common. The worth traded to a brand new yearly excessive at $17,244 and broke a significant barrier. It is now consolidating features above the $17,000 stage. It can also be buying and selling above the 23.6% Fib retracement stage of the upward transfer from the $16,910 swing low to $17,244 excessive.
Bitcoin worth is now buying and selling above $16,800 and the 100 hourly simple moving average. There can also be a significant bullish pattern line forming with assist close to $16,800 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 $17,250 stage. The subsequent main resistance is close to the $17,500 zone. A transparent transfer and shut above the $17,500 resistance would possibly begin one other rally within the close to time period. In the said case, the value could maybe rise in direction of the $18,000 stage. Any extra features would possibly name for a transfer in direction of the $18,500 stage.
Dips Limited in BTC?
If bitcoin worth fails to clear the $17,250 resistance, it may begin a 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 $17,000 stage. It is close to the 50% Fib retracement stage of the upward transfer from the $16,910 swing low to $17,244 excessive. The foremost assist is now forming close to the $17,000 zone, beneath which the value would possibly retest $16,800.
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 above the 50 stage.
Major Support Levels – $17,150, adopted by $17,000.
Major Resistance Levels – $17,250, $17,500 and $18,000.
