Bitcoin Price Jumps To $17K and Prints Bullish Continuation Signal

Bitcoin value climbed increased above the $16,800 resistance. BTC might rise additional if it clears the $17,000 and $17,050 ranges.

• Bitcoin is slowly shifting increased above the $16,800 and $16,850 resistance ranges.
• The value is buying and selling above $16,700 and the 100 hourly easy shifting common.
• There’s a main bullish pattern line forming with help close to $16,700 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might rise steadily if there’s a shut above the $17,000 resistance.

Bitcoin Value Climbs Greater

Bitcoin value remained secure above the $16,500 help zone. BTC began an honest enhance and was capable of clear the $16,800 resistance stage.

The value even surged above the $16,850 stage and the 100 hourly easy shifting common. There was a spike in the direction of the $17,000 stage. A excessive was shaped close to $16,987 and the value is now correcting beneficial properties. There was a minor transfer beneath the $16,900 stage.

The value spiked beneath the 50% Fib retracement stage of the latest enhance from the $16,614 swing low to $16,987 excessive. Bitcoin value is now buying and selling above $16,700 and the 100 hourly easy shifting common.

There may be additionally a serious bullish pattern line forming with help close to $16,700 on the hourly chart of the BTC/USD pair. On the upside, a direct resistance is close to the $16,900 stage.

Supply: BTCUSD on TradingView.com

The subsequent main resistance is close to the $17,000 zone. A correct shut above the $17,000 resistance would possibly begin a gradual enhance within the close to time period. Within the acknowledged case, the value might maybe rise in the direction of the $17,500 stage. Any extra beneficial properties would possibly ship the value in the direction of the $18,000 stage within the coming classes.

Dips Restricted in BTC?

If bitcoin value fails to climb the $17,000 resistance, it might begin a draw back correction. An instantaneous help on the draw back is close to the $16,750 stage.

The 61.8% Fib retracement stage of the latest enhance from the $16,614 swing low to $16,987 excessive can be close to the $16,750 stage. The subsequent main help is close to the $16,700 stage and the pattern line. A transparent transfer beneath the $16,700 help would possibly ship the value in the direction of the $16,500 stage. Any extra losses would possibly ship the value in the direction of $16,350.

Technical indicators:

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

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

Main Assist Ranges – $16,750, adopted by $16,700.

Main Resistance Ranges – $16,900, $17,000 and $17,500.