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    Bitcoin Price Remains In Bullish Zone For A Push To $18K, Here’s Why


    Bitcoin value began a draw back correction from the $17,000 resistance. BTC discovered assist close to $16,750 and would possibly quickly try an upside break above $17,000.

    • Bitcoin is displaying bullish indicators above the $16,600 and $16,750 ranges.
    • The value is buying and selling above $16,750 and the 100 hourly easy shifting common.
    • There is an important bullish pattern line forming with assist close to $16,750 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may begin a robust enhance if there’s a shut above the $17,000 resistance.

    Bitcoin Price Remains Supported

    Bitcoin value tried a decent upward move above the $16,800 resistance degree. BTC even spiked in the direction of the $17,000 resistance zone, however there was no clear upside break.

    A excessive was fashioned close to $16,987 and the value began a draw back correction. There was a transfer under the $16,800 assist zone. The value declined under the 50% Fib retracement degree of the upward transfer from the $16,615 swing low to $16,987 excessive.

    However, bitcoin value discovered assist close to the $16,750 degree. The 61.8% Fib retracement degree of the upward transfer from the $16,615 swing low to $16,987 excessive is performing as a assist.

    There can be an important bullish pattern line forming with assist close to $16,750 on the hourly chart of the BTC/USD pair. The pair is secure above $16,750 and the 100 hourly simple moving average. On the upside, an instantaneous resistance is close to the $16,900 degree.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    The subsequent main resistance is close to the $17,000 zone. A clear transfer and shut above the $17,000 resistance would possibly begin a robust enhance within the close to time period. In the said case, the value might maybe rise in the direction of the $17,550 degree. Any extra features would possibly name for a transfer in the direction of the $18,000 degree.

    Dips Supported in BTC?

    If bitcoin value fails to clear the $17,000 resistance, it may begin a draw back correction. An instant assist on the draw back is close to the $16,800 degree.

    The subsequent main assist is close to the $16,750 degree and the pattern line. A draw back break under the $16,750 assist would possibly ship the value in the direction of the $16,500 degree. Any extra losses would possibly name for a take a look at of $16,350.

    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 degree.

    Major Support Levels – $16,750, adopted by $16,700.

    Major Resistance Levels – $16,900, $17,000 and $17,500.



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