Bitcoin Price Struggles Above $17K, Why BTC Is Still In Bullish Zone

Bitcoin value prolonged its rise and traded in direction of $17,400. BTC is correcting features, however it stays properly supported close to the $17,000 zone.

• Bitcoin prolonged its enhance above the $17,000 and $17,200 resistance ranges.
• The worth is buying and selling above $17,000 and the 100 hourly easy transferring common.
• There’s a key bullish pattern line forming with assist close to $16,880 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might rise additional if it stays above the $17,000 assist and the pattern line.

Bitcoin Worth Extends Enhance

Bitcoin value remained in a constructive zone above the $16,800 stage. BTC prolonged its enhance after there was a transparent shut above the $17,000 stage and the 100 hourly easy transferring common.

The worth gained tempo and traded above the $17,250 stage. It traded to a brand new yearly excessive at $17,391 earlier than the bears appeared. There was a minor draw back correction under the $17,250 stage. It’s now buying and selling close to the 50% Fib retracement stage of the upward wave from the $16,911 swing low to $17,391 excessive.

Bitcoin value is now buying and selling above $17,000 and the 100 hourly easy transferring common. There may be additionally a key bullish pattern line forming with assist close to $16,880 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

On the upside, an instantaneous resistance is close to the $17,280 stage. The following main resistance is close to the $17,400 zone, above which the worth may even clear the $17,500 resistance. Within the said case, the worth might maybe rise in direction of the $18,000 stage. Any extra features may ship btc value in direction of the $18,500 stage.

Dips Supported in BTC?

If bitcoin value fails to clear the $17,300 resistance, it might lengthen its draw back correction. A direct assist on the draw back is close to the $17,150 stage.

The following main assist is close to the $17,080 stage. It’s close to the 61.8% Fib retracement stage of the upward wave from the $16,911 swing low to $17,391 excessive. The primary assist is now forming close to the $17,000 zone and the pattern line area, under which the worth may retest $16,500.

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 stage.

Main Help Ranges – $17,150, adopted by $17,000.

Main Resistance Ranges – $17,300, $17,400 and $18,000.