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Bitcoin value began a draw back correction from the $17,000 resistance. BTC discovered assist close to $16,750 and may quickly try an upside break above $17,000.

• Bitcoin is displaying bullish indicators above the $16,600 and $16,750 ranges.
• The value is buying and selling above $16,750 and the 100 hourly easy shifting common.
• There is a vital bullish pattern line forming with assist close to $16,750 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a robust enhance if there’s a shut above the $17,000 resistance.

Bitcoin Price Remains Supported

Bitcoin value tried a decent upward move above the $16,800 resistance stage. BTC even spiked in the direction of the $17,000 resistance zone, however there was no clear upside break.

A excessive was shaped close to $16,987 and the worth began a draw back correction. There was a transfer beneath the $16,800 assist zone. The value declined beneath the 50% Fib retracement stage of the upward transfer from the $16,615 swing low to $16,987 excessive.

However, bitcoin value discovered assist close to the $16,750 stage. The 61.8% Fib retracement stage of the upward transfer from the $16,615 swing low to $16,987 excessive is performing as a assist.

There can also be an important bullish pattern line forming with assist close to $16,750 on the hourly chart of the BTC/USD pair. The pair is steady above $16,750 and the 100 hourly simple moving average. On the upside, a right away resistance is close to the $16,900 stage.

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to the $17,000 zone. A clear transfer and shut above the $17,000 resistance may begin a robust enhance within the close to time period. In the said case, the worth could maybe rise in the direction of the $17,550 stage. Any extra positive factors may name for a transfer in the direction of the $18,000 stage.

Dips Supported in BTC?

If bitcoin value fails to clear the $17,000 resistance, it may begin a draw back correction. An speedy assist on the draw back is close to the $16,800 stage.

The subsequent main assist is close to the $16,750 stage and the pattern line. A draw back break beneath the $16,750 assist may ship the worth in the direction of the $16,500 stage. Any extra losses may name for a check 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 – $16,750, adopted by $16,700.

Major Resistance Levels – $16,900, $17,000 and $17,500.