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Bitcoin worth prolonged its rise and traded in the direction of $17,400. BTC is correcting positive factors, however it stays nicely supported close to the $17,000 zone.

• Bitcoin prolonged its enhance above the $17,000 and $17,200 resistance ranges.
• The worth is buying and selling above $17,000 and the 100 hourly easy shifting common.
• There is a key bullish development line forming with assist close to $16,880 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might rise additional if it stays above the $17,000 assist and the development line.

Bitcoin Price Extends Increase

Bitcoin worth remained in a positive zone above the $16,800 degree. BTC prolonged its enhance after there was a transparent shut above the $17,000 degree and the 100 hourly easy shifting common.

The worth gained tempo and traded above the $17,250 degree. It traded to a brand new yearly excessive at $17,391 earlier than the bears appeared. There was a minor draw back correction under the $17,250 degree. It is now buying and selling close to the 50% Fib retracement degree of the upward wave from the $16,911 swing low to $17,391 excessive.

Bitcoin worth is now buying and selling above $17,000 and the 100 hourly simple moving average. There can also be a key bullish development line forming with assist close to $16,880 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, a direct resistance is close to the $17,280 degree. The subsequent main resistance is close to the $17,400 zone, above which the value may even clear the $17,500 resistance. In the said case, the value might maybe rise in the direction of the $18,000 degree. Any extra positive factors may ship btc worth in the direction of the $18,500 degree.

Dips Supported in BTC?

If bitcoin worth fails to clear the $17,300 resistance, it might lengthen its draw back correction. An instant assist on the draw back is close to the $17,150 degree.

The subsequent main assist is close to the $17,080 degree. It is close to the 61.8% Fib retracement degree of the upward wave from the $16,911 swing low to $17,391 excessive. The most important assist is now forming close to the $17,000 zone and the development line area, under which the value may retest $16,500.

Technical indicators:

Hourly MACD – The MACD is now dropping 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 – $17,300, $17,400 and $18,000.