Blog

Bitcoin worth climbed larger above the $16,800 resistance. BTC may rise additional if it clears the $17,000 and $17,050 ranges.

• Bitcoin is slowly shifting larger above the $16,800 and $16,850 resistance ranges.
• The worth is buying and selling above $16,700 and the 100 hourly easy shifting common.
• There is a serious bullish pattern line forming with help close to $16,700 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may rise steadily if there’s a shut above the $17,000 resistance.

Bitcoin Price Climbs Higher

Bitcoin worth remained secure above the $16,500 support zone. BTC began a good improve and was capable of clear the $16,800 resistance stage.

The worth even surged above the $16,850 stage and the 100 hourly easy shifting common. There was a spike in the direction of the $17,000 stage. A excessive was fashioned close to $16,987 and the worth is now correcting good points. There was a minor transfer beneath the $16,900 stage.

The worth spiked beneath the 50% Fib retracement stage of the current improve from the $16,614 swing low to $16,987 excessive. Bitcoin worth is now buying and selling above $16,700 and the 100 hourly simple moving average.

There can also be a serious bullish pattern line forming with help close to $16,700 on the hourly chart of the BTC/USD pair. On the upside, a direct resistance is close to the $16,900 stage.

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to the $17,000 zone. A correct shut above the $17,000 resistance may begin a gradual improve within the close to time period. In the acknowledged case, the worth might maybe rise in the direction of the $17,500 stage. Any extra good points may ship the worth in the direction of the $18,000 stage within the coming periods.

Dips Limited in BTC?

If bitcoin worth fails to climb the $17,000 resistance, it may begin a draw back correction. An instant help on the draw back is close to the $16,750 stage.

The 61.8% Fib retracement stage of the current improve from the $16,614 swing low to $16,987 excessive can also be close to the $16,750 stage. The subsequent main help is close to the $16,700 stage and the pattern line. A transparent transfer beneath the $16,700 help may ship the worth in the direction of the $16,500 stage. Any extra losses may 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 stage.

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

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