Bitcoin worth remained nicely bid above the $16,920 help. BTC climbed greater and may quickly goal an upside break above the $17,500 resistance zone.
Bitcoin discovered a robust shopping for curiosity close to the $16,920 and $16,900 ranges.
The value is buying and selling above $17,000 and the 100 hourly easy transferring common.
There’s a main contracting triangle forming with resistance close to $17,220 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may acquire bullish momentum if it clears the $17,250 and $17,450 resistance ranges.
Bitcoin Value Eyes Upside Break
Bitcoin worth corrected decrease from the $17,292 swing excessive. BTC declined beneath the $17,000 degree and the 100 hourly easy transferring common.
Nevertheless, the bulls had been lively close to the $16,920 and $16,900 ranges. A low was fashioned close to $16,880 and the worth began a recent improve. There was a transparent transfer above the $17,000 resistance zone and the 100 hourly easy transferring common.
Bitcoin worth is now consolidating positive factors close to the $17,150 degree. There was a minor decline beneath the 23.6% Fib retracement degree of the current improve from the $16,880 low to $17,247 excessive.
On the upside, a right away resistance is close to the $17,150 degree. There’s additionally a serious contracting triangle forming with resistance close to $17,220 on the hourly chart of the BTC/USD pair. The primary main resistance is close to the $17,300 zone, above which the worth could maybe revisit the $17,450 zone.
The following main resistance is close to $17,500, above which the worth begin a gentle improve and rise in the direction of the $18,000 zone within the close to time period.
Dips Restricted in BTC?
If bitcoin fails to clear the $17,150 resistance, there might be a recent decline. A direct help on the draw back is close to the $17,120 degree and the 100 hourly easy transferring common.
The following main help is close to the $17,000 zone. It’s close to the 50% Fib retracement degree of the current improve from the $16,880 low to $17,247 excessive. A draw back break beneath the $17,000 help may name a drop in the direction of $16,880. Any extra losses may push the worth in the direction of the $16,500 zone within the close to time period.
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 – $17,000, adopted by $16,880.
Main Resistance Ranges – $17,150, $17,300 and $17,450.
