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Bitcoin worth traded above the $17,000 resistance. BTC is correcting features and may decline in direction of the $16,650 assist zone within the close to time period.

• Bitcoin gained tempo and cleared the $17,000 and $17,200 resistance ranges.
• The worth is buying and selling above $16,650 and the 100 hourly easy shifting common.
• There was a break under a significant bullish pattern line with assist close to $16,980 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might right decrease in direction of the $16,650 and $16,500 assist ranges.

Bitcoin Price Faces Bears

Bitcoin worth tried a steady increase above the $17,000 resistance zone. It even broke the $17,200 stage and settled above the 100 hourly easy shifting common.

However, the bears had been energetic above the $17,200 stage. A excessive was shaped close to $17,319 earlier than the worth began a draw back correction. There was a transfer under the $17,000 assist zone. The worth declined under the 23.6% Fib retracement stage of the upward transfer from the $16,000 swing low to $17,319 excessive.

Besides, there was a break under a significant bullish pattern line with assist close to $16,980 on the hourly chart of the BTC/USD pair. Bitcoin worth continues to be buying and selling above $16,650 and the 100 hourly simple moving average.

On the upside, an instantaneous resistance is close to the $17,000 stage. The first main resistance is close to the $17,250 zone, above which the worth could maybe begin one other regular enhance. In the acknowledged case, the worth might rise in direction of the $17,800 resistance.

Source: BTCUSD on TradingView.com

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

Dips Supported in BTC?

If bitcoin fails to begin a contemporary enhance above the $17,000 resistance, there may very well be extra downsides. An instant assist on the draw back is close to the $16,800 stage. The subsequent main assist is close to the $16,650 zone.

The 50% Fib retracement stage of the upward transfer from the $16,000 swing low to $17,319 excessive can be close to the $16,650 assist. A draw back break under the $16,650 assist may name for a transfer in direction of $16,500. Any extra losses may name for a check of the important thing $16,000 assist zone within the close to time period.

Technical indicators:

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

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

Major Support Levels – $16,800, adopted by $16,650.

Major Resistance Levels – $17,000, $17,250 and $17,800.