Bitcoin worth prolonged its improve and examined the $17,500 resistance. BTC corrected good points, but it surely stays properly supported above the $16,800 help.

  • Bitcoin prolonged its upward transfer above $17,100 and $17,300 resistance ranges.
  • The worth is buying and selling close to $17,000 and the 100 hourly easy shifting common.
  • There was a break under a key bullish pattern line with help close to $17,050 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair should keep above the $16,800 help to start out a contemporary improve.

Bitcoin Value Stays Supported

Bitcoin worth settled above the $17,000 resistance zone and prolonged its improve. BTC was in a position to clear the $17,100 and $17,200 resistance ranges.

The worth even spiked above $17,400 and traded near the $17,500 resistance zone. Nevertheless, the bears had been energetic close to the $17,500 resistance zone. A excessive was shaped close to $17,440 and the worth began a draw back correction.

Bitcoin worth declined under the $17,200 stage and the 100 hourly easy shifting common. There was a break under a key bullish pattern line with help close to $17,050 on the hourly chart of the BTC/USD pair.

The worth traded as little as $16,888 and is at the moment rising. It’s buying and selling close to $17,000 and the 100 hourly easy shifting common. It’s buying and selling above the 23.6% Fib retracement stage of the current decline from the $17,440 swing excessive to $16,888 low.

On the upside, an instantaneous resistance is close to the $17,165 stage. It’s close to the 50% Fib retracement stage of the current decline from the $17,440 swing excessive to $16,888 low. The primary main resistance is close to the $17,250 zone, above which the worth could maybe begin one other regular improve.

Supply: BTCUSD on TradingView.com

Within the said case, the worth may rise in direction of the $17,500 resistance. The following main resistance is close to $17,650, above which the worth rise in direction of the $18,000 zone within the close to time period.

Extra losses in BTC?

If bitcoin fails to start out a contemporary improve above the $17,165 resistance, there might be extra downsides. A right away help on the draw back is close to the $16,850 stage.

The following main help is close to the $16,800 zone. A draw back break under the $16,800 help would possibly name for a transfer in direction of $16,500. Any extra losses would possibly name for a check of the important thing $16,000 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now just under the 50 stage.

Main Help Ranges – $16,800, adopted by $16,500.

Main Resistance Ranges – $17,165, $17,250 and $18,000.

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