Bitcoin Price Clears $17K, Why Dips Turn Attractive In Short-Term

Bitcoin worth was in a position to clear the $17,000 resistance. BTC is consolidating beneficial properties and may stay supported above the $16,750 stage.

• Bitcoin gained tempo and cleared the $16,800 and $17,000 resistance ranges.
• The worth is buying and selling above $16,800 and the 100 hourly easy shifting common.
• There’s a key bullish development line forming with assist close to $16,950 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might rise additional if it stays above the $16,500 assist zone.

Bitcoin Value Extends Positive aspects

Bitcoin worth remained effectively bid above the $16,500 assist zone. BTC gained tempo and was in a position to clear the $16,800 resistance zone plus the 100 hourly easy shifting common.

The upward transfer was such that the worth even surpassed the $17,000 resistance zone. It traded as excessive as $17,250 earlier than the bulls confronted sellers. It’s now consolidating beneficial properties above the $17,000 stage. The worth is buying and selling close to the 23.6% Fib retracement stage of the upward transfer from the $16,690 swing low to $17,250 excessive.

Bitcoin worth is now buying and selling above $16,800 and the 100 hourly easy shifting common. There may be additionally a key bullish development line forming with assist close to $16,950 on the hourly chart of the BTC/USD pair.

On the upside, a direct resistance is close to the $17,950 stage. The primary main resistance is close to the $17,500 zone, above which the worth might maybe begin one other regular improve. Within the acknowledged case, the worth might rise in the direction of the $18,000 resistance.

Supply: BTCUSD on TradingView.com

The subsequent main resistance is close to $18,800, above which the worth might acquire tempo for a transfer in the direction of the $19,500 zone within the close to time period.

Dips Restricted in BTC?

If bitcoin fails to climb above the $17,250 resistance, there may very well be a draw back correction. An instantaneous assist on the draw back is close to the $17,000 stage. The subsequent main assist is close to the $16,950 zone and the development line.

The development line is near the 50% Fib retracement stage of the upward transfer from the $16,690 swing low to $17,250 excessive. A draw back break under the development line may name for a transfer in the direction of $16,800. Any extra losses may name for a take a look at of the important thing $16,500 assist zone within the close to time period.

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 Assist Ranges – $16,950, adopted by $16,800.

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