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Bitcoin worth is making an attempt an upside break above $17,000. BTC may begin a gradual restoration if it clears the $17,000 and $17,200 resistance ranges.

• Bitcoin is making an attempt an upside break above the $17,000 and $17,200 ranges.
• The worth is buying and selling above $16,800 and the 100 hourly easy shifting common.
• There was a break above a key bearish pattern line with resistance close to $16,820 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may try a contemporary improve if there’s a clear transfer above the $17,200 resistance zone.

Bitcoin Price Eyes Upside Break

Bitcoin worth managed to remain above the $16,550 zone. A base was shaped and the value began a contemporary improve above the $16,700 resistance zone. BTC even climbed above the $16,800 resistance and the 100 hourly simple moving average.

There was a transparent transfer above the 50% Fib retracement stage of the downward transfer from the $17,067 swing excessive to $16,565 low. Besides, there was a break above a key bearish pattern line with resistance close to $16,820 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now buying and selling above $16,800 and the 100 hourly easy shifting common. It can be buying and selling above the 61.8% Fib retracement stage of the downward transfer from the $17,067 swing excessive to $16,565 low.

On the upside, a right away resistance is close to the $17,000 zone. The first main resistance is close to the $17,200 zone. A transparent transfer above the $17,200 resistance may begin a gradual restoration wave.

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to $17,500, above which the value climb in the direction of the $18,000 resistance zone. Any extra positive factors may ship the pair in the direction of the $18,500 resistance zone.

Fresh Drop in BTC?

If bitcoin fails to clear the $17,200 resistance, there could possibly be a contemporary downward transfer. An quick help on the draw back is close to the $16,800 stage and the 100 hourly SMA

The subsequent main help is close to the $16,680 stage. A draw back break under the $16,680 help may name for a transfer in the direction of the $16,550 stage. Any extra losses may ship the value in the direction of $16,350.

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 stage.

Major Support Levels – $16,800, adopted by $16,550.

Major Resistance Levels – $17,000, $17,200 and $17,500.