Bitcoin worth traded above the $17,000 resistance. BTC is correcting positive aspects and would possibly decline in the direction of the $16,650 help zone within the close to time period.
- Bitcoin gained tempo and cleared the $17,000 and $17,200 resistance ranges.
- The worth is buying and selling above $16,650 and the 100 hourly easy shifting common.
- There was a break under a significant bullish pattern line with help close to $16,980 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may appropriate decrease in the direction of the $16,650 and $16,500 help ranges.
Bitcoin Value Faces Bears
Bitcoin worth tried a regular enhance above the $17,000 resistance zone. It even broke the $17,200 stage and settled above the 100 hourly easy shifting common.
Nevertheless, the bears had been energetic above the $17,200 stage. A excessive was shaped close to $17,319 earlier than the worth began a draw back correction. There was a transfer under the $17,000 help zone. The worth declined under the 23.6% Fib retracement stage of the upward transfer from the $16,000 swing low to $17,319 excessive.
Moreover, there was a break under a significant bullish pattern line with help close to $16,980 on the hourly chart of the BTC/USD pair. Bitcoin worth remains to be buying and selling above $16,650 and the 100 hourly easy shifting common.
On the upside, a direct resistance is close to the $17,000 stage. The primary main resistance is close to the $17,250 zone, above which the worth could maybe begin one other regular enhance. Within the acknowledged case, the worth may rise in the direction of the $17,800 resistance.
Supply: BTCUSD on TradingView.com
The following main resistance is close to $18,800, above which the worth may try a transfer in the direction of the $19,500 zone within the close to time period.
Dips Supported in BTC?
If bitcoin fails to begin a recent enhance above the $17,000 resistance, there could possibly be extra downsides. A direct help on the draw back is close to the $16,800 stage. The following main help is close to the $16,650 zone.
The 50% Fib retracement stage of the upward transfer from the $16,000 swing low to $17,319 excessive can also be close to the $16,650 help. A draw back break under the $16,650 help would possibly name for a transfer in the direction of $16,500. Any extra losses would possibly name for a take a look at 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 under the 50 stage.
Main Assist Ranges – $16,800, adopted by $16,650.
Main Resistance Ranges – $17,000, $17,250 and $17,800.
