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Bitcoin worth was in a position to clear the $17,000 resistance. BTC is consolidating good points and would possibly stay supported above the $16,750 stage.

• Bitcoin gained tempo and cleared the $16,800 and $17,000 resistance ranges.
• The worth is buying and selling above $16,800 and the 100 hourly easy shifting common.
• There is a key bullish development line forming with help close to $16,950 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may rise additional if it stays above the $16,500 help zone.

Bitcoin Price Extends Gains

Bitcoin price remained well bid above the $16,500 help zone. BTC gained tempo and was in a position to clear the $16,800 resistance zone plus the 100 hourly easy shifting common.

The upward transfer was such that the worth even surpassed the $17,000 resistance zone. It traded as excessive as $17,250 earlier than the bulls confronted sellers. It is now consolidating good points above the $17,000 stage. The worth is buying and selling close to the 23.6% Fib retracement stage of the upward transfer from the $16,690 swing low to $17,250 excessive.

Bitcoin worth is now buying and selling above $16,800 and the 100 hourly simple moving average. There can also be a key bullish development line forming with help close to $16,950 on the hourly chart of the BTC/USD pair.

On the upside, an instantaneous resistance is close to the $17,950 stage. The first main resistance is close to the $17,500 zone, above which the worth could maybe begin one other regular improve. In the acknowledged case, the worth may rise in the direction of the $18,000 resistance.

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to $18,800, above which the worth may acquire tempo for a transfer in the direction of the $19,500 zone within the close to time period.

Dips Limited in BTC?

If bitcoin fails to climb above the $17,250 resistance, there might be a draw back correction. An quick help on the draw back is close to the $17,000 stage. The subsequent main help is close to the $16,950 zone and the development line.

The development line is near the 50% Fib retracement stage of the upward transfer from the $16,690 swing low to $17,250 excessive. A draw back break under the development line would possibly name for a transfer in the direction of $16,800. Any extra losses would possibly name for a take a look at of the important thing $16,500 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $16,950, adopted by $16,800.

Major Resistance Levels – $17,250, $17,500 and $18,000.