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Bitcoin value prolonged its improve and examined the $17,500 resistance. BTC corrected positive aspects, but it surely stays effectively supported above the $16,800 help.
- Bitcoin prolonged its upward transfer above $17,100 and $17,300 resistance ranges.
- The value is buying and selling close to $17,000 and the 100 hourly easy transferring common.
- There was a break beneath a key bullish development line with help close to $17,050 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair should keep above the $16,800 help to begin a contemporary improve.
Bitcoin Price Remains Supported
Bitcoin value settled above the $17,000 resistance zone and prolonged its improve. BTC was in a position to clear the $17,100 and $17,200 resistance ranges.
The value even spiked above $17,400 and traded near the $17,500 resistance zone. However, the bears have been lively close to the $17,500 resistance zone. A excessive was shaped close to $17,440 and the worth began a draw back correction.
Bitcoin value declined beneath the $17,200 stage and the 100 hourly simple moving average. There was a break beneath a key bullish development line with help close to $17,050 on the hourly chart of the BTC/USD pair.
The value traded as little as $16,888 and is at present rising. It is buying and selling close to $17,000 and the 100 hourly easy transferring common. It is buying and selling above the 23.6% Fib retracement stage of the current decline from the $17,440 swing excessive to $16,888 low.
On the upside, a right away resistance is close to the $17,165 stage. It is close to the 50% Fib retracement stage of the current decline from the $17,440 swing excessive to $16,888 low. The first main resistance is close to the $17,250 zone, above which the worth might maybe begin one other regular improve.
Source: BTCUSD on TradingView.com
In the acknowledged case, the worth might rise in direction of the $17,500 resistance. The subsequent main resistance is close to $17,650, above which the worth rise in direction of the $18,000 zone within the close to time period.
More Losses in BTC?
If bitcoin fails to begin a contemporary improve above the $17,165 resistance, there could possibly be extra downsides. An speedy help on the draw back is close to the $16,850 stage.
The subsequent main help is close to the $16,800 zone. A draw back break beneath the $16,800 help may name for a transfer in direction of $16,500. Any extra losses may name for a take a look at of the important thing $16,000 help zone within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now slightly below the 50 stage.
Major Support Levels – $16,800, adopted by $16,500.
Major Resistance Levels – $17,165, $17,250 and $18,000.
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