Bitcoin worth climbed greater above the $16,800 resistance. BTC might rise additional if it clears the $17,000 and $17,050 ranges.
- Bitcoin is slowly transferring greater above the $16,800 and $16,850 resistance ranges.
- The worth is buying and selling above $16,700 and the 100 hourly easy transferring common.
- There’s a main bullish pattern line forming with help close to $16,700 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might rise steadily if there’s a shut above the $17,000 resistance.
Bitcoin Worth Climbs Larger
Bitcoin worth remained steady above the $16,500 support zone. BTC began a good enhance and was in a position to clear the $16,800 resistance degree.
The worth even surged above the $16,850 degree and the 100 hourly easy transferring common. There was a spike in the direction of the $17,000 degree. A excessive was fashioned close to $16,987 and the worth is now correcting good points. There was a minor transfer under the $16,900 degree.
The worth spiked under the 50% Fib retracement degree of the latest enhance from the $16,614 swing low to $16,987 excessive. Bitcoin worth is now buying and selling above $16,700 and the 100 hourly simple moving average.
There may be additionally a serious bullish pattern line forming with help close to $16,700 on the hourly chart of the BTC/USD pair. On the upside, a right away resistance is close to the $16,900 degree.
Supply: BTCUSD on TradingView.com
The subsequent main resistance is close to the $17,000 zone. A correct shut above the $17,000 resistance may begin a gentle enhance within the close to time period. Within the acknowledged case, the worth might maybe rise in the direction of the $17,500 degree. Any extra good points may ship the worth in the direction of the $18,000 degree within the coming periods.
Dips Restricted in BTC?
If bitcoin worth fails to climb the $17,000 resistance, it might begin a draw back correction. A direct help on the draw back is close to the $16,750 degree.
The 61.8% Fib retracement degree of the latest enhance from the $16,614 swing low to $16,987 excessive can also be close to the $16,750 degree. The subsequent main help is close to the $16,700 degree and the pattern line. A transparent transfer under the $16,700 help may ship the worth in the direction of the $16,500 degree. Any extra losses may ship the worth in the direction of $16,350.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.
Main Help Ranges – $16,750, adopted by $16,700.
Main Resistance Ranges – $16,900, $17,000 and $17,500.
