Bitcoin value prolonged its enhance and traded in the direction of $17,500. BTC is consolidating features and may purpose a transfer in the direction of the $18,000 resistance.
Bitcoin prolonged its rise above the $17,200 and $17,250 resistance ranges.
The value is buying and selling above $17,200 and the 100 hourly easy transferring common.
There’s a main bullish development line forming with assist close to $17,350 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair might proceed to maneuver up in the direction of the $18,000 resistance zone.
Bitcoin Worth Positive factors Momentum
Bitcoin value settled above the important thing $17,000 pivot zone, opening the doorways for extra features. BTC climbed additional greater and was in a position to clear the $17,250 resistance zone.
The value even broke the $17,400 resistance zone and examined the following barrier at $17,500. A excessive is shaped close to the $17,500 degree the worth is now consolidating features. It’s now testing the 23.6% Fib retracement degree of the upward transfer from the $17,136 swing low to $17,500 excessive.
Bitcoin value can be buying and selling above $17,200 and the 100 hourly easy transferring common. Apart from, there’s a main bullish development line forming with assist close to $17,350 on the hourly chart of the BTC/USD pair.
Supply: BTCUSD on TradingView.com
On the upside, a direct resistance is close to the $17,500 degree. The following main resistance is close to the $18,000 zone, above which the worth may speed up greater. Within the acknowledged case, the worth could maybe rise in the direction of the $18,500 degree. Any extra features may ship btc value in the direction of the $19,200 degree.
Dips Restricted in BTC?
If bitcoin value fails to clear the $17,500 resistance, it might begin a draw back correction. A right away assist on the draw back is close to the $17,350 degree and the development line.
The following main assist is close to the $17,270 degree. It’s close to the 61.8% Fib retracement degree of the upward transfer from the $17,136 swing low to $17,500 excessive. The primary assist is now forming close to the $17,130 degree, under which the worth may retest $16,800.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.
Main Help Ranges – $17,350, adopted by $17,130.
Main Resistance Ranges – $17,500, $17,800 and $18,000.
