Bitcoin worth climbed increased above the $16,800 resistance. BTC may rise additional if it clears the $17,000 and $17,050 ranges.
- Bitcoin is slowly transferring increased 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 development line forming with help close to $16,700 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may rise steadily if there’s a shut above the $17,000 resistance.
Bitcoin Worth Climbs Greater
Bitcoin worth remained steady above the $16,500 support zone. BTC began an honest improve and was capable of clear the $16,800 resistance stage.
The worth even surged above the $16,850 stage and the 100 hourly easy transferring common. There was a spike in direction of the $17,000 stage. A excessive was shaped close to $16,987 and the worth is now correcting positive aspects. There was a minor transfer under the $16,900 stage.
The worth spiked under the 50% Fib retracement stage of the current improve 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’s additionally a significant bullish development 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 stage.
Supply: BTCUSD on TradingView.com
The following main resistance is close to the $17,000 zone. A correct shut above the $17,000 resistance would possibly begin a gradual improve within the close to time period. Within the said case, the worth might maybe rise in direction of the $17,500 stage. Any extra positive aspects would possibly ship the worth in direction of the $18,000 stage within the coming periods.
Dips Restricted in BTC?
If bitcoin worth fails to climb the $17,000 resistance, it may begin a draw back correction. A right away help on the draw back is close to the $16,750 stage.
The 61.8% Fib retracement stage of the current improve from the $16,614 swing low to $16,987 excessive can be close to the $16,750 stage. The following main help is close to the $16,700 stage and the development line. A transparent transfer under the $16,700 help would possibly ship the worth in direction of the $16,500 stage. Any extra losses would possibly ship the worth in 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 stage.
Main Help Ranges – $16,750, adopted by $16,700.
Main Resistance Ranges – $16,900, $17,000 and $17,500.
