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Bitcoin worth remained sturdy above the $16,700 degree. BTC shaped a base and began a recent enhance above the $17,000 resistance zone.

• Bitcoin discovered help close to $16,700 and began an honest enhance.
• The worth is buying and selling above $17,000 and the 100 hourly easy transferring common.
• There was a break above a serious bearish pattern line with resistance close to $16,875 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair is eyeing extra positive aspects above the $17,400 and $17,500 resistance ranges.

Bitcoin Price Eyes Upside Break

Bitcoin price declined below the $16,800 support level. However, BTC bears didn’t clear the $16,700 degree. The worth traded as little as $16,700 earlier than there was a recent enhance.

There was an honest enhance above the $16,850 and $16,900 ranges. The worth cleared the 50% Fib retracement degree of the downward transfer from the $17,440 swing excessive to $16,700 low. Besides, there was a break above a serious bearish pattern line with resistance close to $16,875 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now buying and selling above $17,000 and the 100 hourly simple moving average. It can also be buying and selling close to the 76.4% Fib retracement degree of the downward transfer from the $17,440 swing excessive to $16,700 low.

Source: BTCUSD on TradingView.com

On the upside, a direct resistance is close to the $17,280 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 $18,000 resistance. The subsequent main resistance is close to $18,250, above which the worth rise in the direction of the $18,500 zone within the close to time period.

Dips Supported in BTC?

If bitcoin fails to clear the $17,280 resistance, there might be a recent bearish response. An instant help on the draw back is close to the $17,100 degree.

The subsequent main help is close to the $17,000 zone and the 100 hourly easy transferring common. A draw back break under the $17,000 help would possibly name a drop in the direction of $16,700. Any extra losses would possibly push the worth in the direction of the $16,200 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 – $17,000, adopted by $16,700.

Major Resistance Levels – $17,280, $17,500 and $18,000.