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Bitcoin worth prolonged its improve and traded in the direction of $17,500. BTC is consolidating positive aspects and may goal a transfer in the direction of the $18,000 resistance.

• Bitcoin prolonged its rise above the $17,200 and $17,250 resistance ranges.
• The worth is buying and selling above $17,200 and the 100 hourly easy transferring common.
• There is a serious bullish development line forming with help close to $17,350 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may proceed to maneuver up in the direction of the $18,000 resistance zone.

Bitcoin Price Gains Momentum

Bitcoin worth settled above the important thing $17,000 pivot zone, opening the doorways for extra positive aspects. BTC climbed additional larger and was in a position to clear the $17,250 resistance zone.

The worth even broke the $17,400 resistance zone and examined the subsequent barrier at $17,500. A excessive is fashioned close to the $17,500 degree the value is now consolidating positive aspects. It is now testing the 23.6% Fib retracement degree of the upward move from the $17,136 swing low to $17,500 excessive.

Bitcoin worth can also be buying and selling above $17,200 and the 100 hourly easy transferring common. Besides, there’s a main bullish development line forming with help close to $17,350 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, a direct resistance is close to the $17,500 degree. The subsequent main resistance is close to the $18,000 zone, above which the value may speed up larger. In the acknowledged case, the value might maybe rise in the direction of the $18,500 degree. Any extra positive aspects may ship btc worth in the direction of the $19,200 degree.

Dips Limited in BTC?

If bitcoin worth fails to clear the $17,500 resistance, it may begin a draw back correction. An speedy help on the draw back is close to the $17,350 degree and the development line.

The subsequent main help is close to the $17,270 degree. It is close to the 61.8% Fib retracement degree of the upward transfer from the $17,136 swing low to $17,500 excessive. The fundamental help is now forming close to the $17,130 degree, under which the value may retest $16,800.

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 – $17,350, adopted by $17,130.

Major Resistance Levels – $17,500, $17,800 and $18,000.