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Bitcoin worth gained tempo for a contemporary transfer above $17,000. BTC is rising and would possibly climb increased in the direction of the $18,000 resistance zone.

• Bitcoin began a contemporary enhance above $17,000 and $17,200 resistance ranges.
• The worth is buying and selling above $16,800 and the 100 hourly easy shifting common.
• There was a break above a significant bearish pattern line with resistance close to $17,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair appears to be eyeing a transfer in the direction of the $17,650 resistance and even $18,000.

Bitcoin Price Restarts Increase

Bitcoin worth discovered assist close to the $16,800 zone after a downside correction. BTC remained nicely bid and began a contemporary enhance above the $17,000 resistance zone.

It even broke the $17,150 degree and settled above the 100 hourly easy shifting common. The worth gained tempo above the 76.4% Fib retracement degree of the downward transfer from the $17,315 swing excessive to $16,784 swing low. Besides, there was a break above a significant bearish pattern line with resistance close to $17,000 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now buying and selling above $16,800 and the 100 hourly simple moving average. It is buying and selling close to the $17,250 degree. On the upside, a direct resistance is close to the $17,350 degree.

The first main resistance is close to the $17,450 zone, above which the worth could maybe begin one other regular enhance. In the said case, the worth may rise in the direction of the $17,650 resistance. It is close to the 1.618 Fib extension degree of the downward transfer from the $17,315 swing excessive to $16,784 swing low.

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to $18,000, above which the worth may try a transfer in the direction of the $18,500 zone within the close to time period.

Dips Limited in BTC?

If bitcoin fails to begin a contemporary enhance above the $17,350 resistance, there could possibly be extra downsides. An quick assist on the draw back is close to the $17,150 degree.

The subsequent main assist is close to the $17,000 zone and the 100 hourly easy shifting common. A draw back break beneath the $17,000 assist would possibly name for a transfer in the direction of $16,750. Any extra losses would possibly name for a take a look at of the important thing $16,500 assist 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 within the overbought zone.

Major Support Levels – $17,150, adopted by $17,000.

Major Resistance Levels – $17,350, $17,450 and $18,000.