Bitcoin Price Breaks Key Barrier And Aims Fresh Rally To $18K

Bitcoin value gained tempo and cleared the $17,000 resistance. BTC is exhibiting optimistic indicators and would possibly rise in the direction of the $18,000 resistance.

• Bitcoin began a contemporary improve above the $16,800 and $17,000 resistance ranges.
• The worth is buying and selling above $16,800 and the 100 hourly easy transferring common.
• There’s a main bullish development line forming with assist close to $16,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might rise additional in the direction of the subsequent hurdle close to the $18,000 resistance.

Bitcoin Value Positive aspects Momentum

Bitcoin value fashioned a assist base above the $16,650 stage. BTC remained properly bid and began a contemporary improve above the $16,800 and $17,000 resistance ranges.

There was an in depth above the $17,000 stage and the 100 hourly easy transferring common. The worth traded to a brand new yearly excessive at $17,244 and broke a serious barrier. It’s now consolidating features above the $17,000 stage. It’s also buying and selling above the 23.6% Fib retracement stage of the upward transfer from the $16,910 swing low to $17,244 excessive.

Bitcoin value is now buying and selling above $16,800 and the 100 hourly easy transferring common. There may be additionally a serious bullish development line forming with assist close to $16,800 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

On the upside, a right away resistance is close to the $17,250 stage. The following main resistance is close to the $17,500 zone. A transparent transfer and shut above the $17,500 resistance would possibly begin one other rally within the close to time period. Within the said case, the value might maybe rise in the direction of the $18,000 stage. Any extra features would possibly name for a transfer in the direction of the $18,500 stage.

Dips Restricted in BTC?

If bitcoin value fails to clear the $17,250 resistance, it might begin a draw back correction. An instantaneous assist on the draw back is close to the $17,150 stage.

The following main assist is close to the $17,000 stage. It’s close to the 50% Fib retracement stage of the upward transfer from the $16,910 swing low to $17,244 excessive. The primary assist is now forming close to the $17,000 zone, beneath which the value would possibly retest $16,800.

Technical indicators:

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

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

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

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