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Bitcoin worth gained bullish momentum above the $16,500 resistance. BTC may rise additional if there’s a shut above the $17,000 resistance.

• Bitcoin began an honest enhance above the $16,500 and $16,650 resistance ranges.
• The worth is buying and selling above $16,500 and the 100 hourly easy transferring common.
• There was a break above a significant bearish development line with resistance close to $16,450 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may rise additional if there’s a shut above the $17,000 resistance.

Bitcoin Price Gains Bullish Momentum

Bitcoin price formed a base above the $16,200 help zone. BTC began a gentle enhance and was in a position to clear the $16,500 resistance zone and the 100 hourly easy transferring common.

During the rise, there was a break above a significant bearish development line with resistance close to $16,450 on the hourly chart of the BTC/USD pair. The pair even surpassed the 76.4% Fib retracement degree of the downward transfer from the $16,589 swing excessive to $16,000 low.

Bitcoin worth is now buying and selling above $16,500 and the 100 hourly simple moving average. It is testing the 1.618 Fib extension degree of the downward transfer from the $16,589 swing excessive to $16,000 low.

Source: BTCUSD on TradingView.com

On the upside, an instantaneous resistance is close to the $16,950 degree. The first main resistance is close to the $17,000 zone, above which the value might maybe speed up larger. In the said case, the value may take a look at the $17,500 resistance. The subsequent main resistance is close to $18,000, above which the value may acquire tempo for a transfer in the direction of the $18,800 zone.

Dips Supported in BTC?

If bitcoin fails to climb above the $17,000 resistance, there might be a draw back correction. An speedy help on the draw back is close to the $16,800 degree.

The subsequent main help is close to the $16,500 zone or the 100 hourly SMA, beneath which the value decline additional. In the said case, the value would possibly drop in the direction of the $16,200 help zone. Any extra losses would possibly 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 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 – $16,800, adopted by $16,500.

Major Resistance Levels – $16,950, $17,000 and $17,500.