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Bitcoin worth gained tempo and cleared the $17,000 resistance. BTC is exhibiting constructive indicators and may rise in the direction of the $18,000 resistance.

• Bitcoin began a recent improve above the $16,800 and $17,000 resistance ranges.
• The worth is buying and selling above $16,800 and the 100 hourly easy transferring common.
• There is a serious bullish pattern line forming with assist close to $16,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may rise additional in the direction of the subsequent hurdle close to the $18,000 resistance.

Bitcoin Price Gains Momentum

Bitcoin worth fashioned a support base above the $16,650 level. BTC remained effectively bid and began a recent improve above the $16,800 and $17,000 resistance ranges.

There was a detailed above the $17,000 degree and the 100 hourly easy transferring common. The worth traded to a brand new yearly excessive at $17,244 and broke a serious barrier. It is now consolidating features above the $17,000 degree. It can also be buying and selling above the 23.6% Fib retracement degree of the upward transfer from the $16,910 swing low to $17,244 excessive.

Bitcoin worth is now buying and selling above $16,800 and the 100 hourly simple moving average. There can also be a serious bullish pattern line forming with assist close to $16,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an instantaneous resistance is close to the $17,250 degree. The subsequent main resistance is close to the $17,500 zone. A transparent transfer and shut above the $17,500 resistance may begin one other rally within the close to time period. In the said case, the value could maybe rise in the direction of the $18,000 degree. Any extra features may name for a transfer in the direction of the $18,500 degree.

Dips Limited in BTC?

If bitcoin worth fails to clear the $17,250 resistance, it may begin a draw back correction. An speedy assist on the draw back is close to the $17,150 degree.

The subsequent main assist is close to the $17,000 degree. It is close to the 50% Fib retracement degree of the upward transfer from the $16,910 swing low to $17,244 excessive. The fundamental assist is now forming close to the $17,000 zone, under which the value may retest $16,800.

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 – $17,150, adopted by $17,000.

Major Resistance Levels – $17,250, $17,500 and $18,000.