Bitcoin value climbed larger above the $16,800 resistance. BTC may rise additional if it clears the $17,000 and $17,050 ranges.
- Bitcoin is slowly shifting larger above the $16,800 and $16,850 resistance ranges.
- The value is buying and selling above $16,700 and the 100 hourly easy shifting common.
- There’s a main bullish development line forming with help close to $16,700 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may rise steadily if there’s a shut above the $17,000 resistance.
Bitcoin Worth Climbs Larger
Bitcoin value remained steady above the $16,500 help zone. BTC began a good enhance and was in a position to clear the $16,800 resistance stage.
The value even surged above the $16,850 stage and the 100 hourly easy shifting common. There was a spike in direction of the $17,000 stage. 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 stage.
The value spiked under the 50% Fib retracement stage of the latest enhance from the $16,614 swing low to $16,987 excessive. Bitcoin value is now buying and selling above $16,700 and the 100 hourly easy shifting common.
There may be 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 direct resistance is close to the $16,900 stage.
Supply: BTCUSD on TradingView.com
The subsequent main resistance is close to the $17,000 zone. A correct shut above the $17,000 resistance would possibly begin a gentle enhance within the close to time period. Within the acknowledged case, the worth might maybe rise in direction of the $17,500 stage. Any extra good points would possibly ship the worth in direction of the $18,000 stage within the coming periods.
Dips Restricted in BTC?
If bitcoin value 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 latest enhance from the $16,614 swing low to $16,987 excessive can be close to the $16,750 stage. The subsequent 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 dropping 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.
