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Bitcoin worth is making an attempt an upside break above $16,800. BTC may achieve bullish momentum if it clears the $16,800 and $17,000 ranges.
- Bitcoin continues to be buying and selling in a significant vary under the $16,800 and $17,000 resistance ranges.
- The worth is buying and selling above $16,600 and the 100 hourly easy shifting common.
- There is a key bullish development line forming with assist close to $16,620 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may achieve bullish momentum if it settles above the $16,800 resistance.
Bitcoin Price Eyes Upside Break
Bitcoin worth fashioned a base above the $16,350 assist zone. BTC began a gradual improve and was in a position to clear the $16,650 resistance zone. The worth even spiked in the direction of the $16,800 resistance zone.
However, there was no upside break above $16,800. A excessive was fashioned close to $16,770 and the worth began a draw back correction. There was a drop under the $16,700 degree, however the bulls are energetic above the $16,600 degree.
Bitcoin worth is now buying and selling above $16,600 and the 100 hourly simple moving average. There can be a key bullish development line forming with assist close to $16,620 on the hourly chart of the BTC/USD pair. On the upside, an instantaneous resistance is close to the $16,685 degree.
The 50% Fib retracement degree of the latest decline from the $16,770 swing excessive to $16,599 low can be close to the $16,685 degree. The first main resistance is close to the $16,700 zone.
Source: BTCUSD on TradingView.com
The 61.8% Fib retracement degree of the latest decline from the $16,770 swing excessive to $16,599 low can be close to the $16,700 degree. The subsequent main resistance is close to the $16,800 degree. The foremost barrier continues to be close to the $17,000 degree. A transparent shut above the $17,000 resistance would possibly begin a contemporary improve within the close to time period.
Fresh Drop in BTC?
If bitcoin worth fails to surpass the $16,800 resistance, it may begin one other decline. An speedy assist on the draw back is close to the $16,620 degree and the development line.
The subsequent main assist is close to the $16,500 degree. A transparent transfer under the $16,500 assist would possibly ship the worth in the direction of the $16,350 degree. Any extra losses would possibly ship the worth in the direction of $16,000.
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 degree.
Major Support Levels – $16,500, adopted by $16,350.
Major Resistance Levels – $16,700, $16,800 and $17,000.
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