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Home Analysis

Bitcoin Price Clears $17K, Why Dips Turn Attractive In Short-Term

by Blockchain Daily Report
December 4, 2022
in Analysis
Reading Time: 2 mins read
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Bitcoin Price Clears $17K, Why Dips Turn Attractive In Short-Term
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Bitcoin worth was capable of clear the $17,000 resistance. BTC is consolidating positive aspects and would possibly stay supported above the $16,750 degree.

Bitcoin gained tempo and cleared the $16,800 and $17,000 resistance ranges.
The value is buying and selling above $16,800 and the 100 hourly easy transferring common.
There’s a key bullish pattern line forming with assist close to $16,950 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may rise additional if it stays above the $16,500 assist zone.

Bitcoin Worth Extends Positive aspects

Bitcoin worth remained nicely bid above the $16,500 assist zone. BTC gained tempo and was capable of clear the $16,800 resistance zone plus the 100 hourly easy transferring common.

The upward transfer was such that the value even surpassed the $17,000 resistance zone. It traded as excessive as $17,250 earlier than the bulls confronted sellers. It’s now consolidating positive aspects above the $17,000 degree. The value is buying and selling close to the 23.6% Fib retracement degree of the upward transfer from the $16,690 swing low to $17,250 excessive.

Bitcoin worth is now buying and selling above $16,800 and the 100 hourly easy transferring common. There’s additionally a key bullish pattern line forming with assist close to $16,950 on the hourly chart of the BTC/USD pair.

On the upside, a direct resistance is close to the $17,950 degree. The primary main resistance is close to the $17,500 zone, above which the value might maybe begin one other regular improve. Within the said case, the value may rise in direction of the $18,000 resistance.

Supply: BTCUSD on TradingView.com

The subsequent main resistance is close to $18,800, above which the value may acquire tempo for a transfer in direction of the $19,500 zone within the close to time period.

Dips Restricted in BTC?

If bitcoin fails to climb above the $17,250 resistance, there might be a draw back correction. A right away assist on the draw back is close to the $17,000 degree. The subsequent main assist is close to the $16,950 zone and the pattern line.

The pattern line is near the 50% Fib retracement degree of the upward transfer from the $16,690 swing low to $17,250 excessive. A draw back break under the pattern line would possibly name for a transfer in direction of $16,800. Any extra losses would possibly name for a check of the important thing $16,500 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.

Main Help Ranges – $16,950, adopted by $16,800.

Main Resistance Ranges – $17,250, $17,500 and $18,000.



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Tags: 17KAttractiveBitcoinClearsDipspriceShortTermTurn
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