Analysis

Bitcoin Price Keeps Fighting Near $17K, What Could Spark Upside Break

Bitcoin value remains to be trying an upside break above $17,000. BTC might acquire bullish momentum if there’s a each day shut above the $17,000 and $17,200 resistance ranges.

  • Bitcoin is once more trying an upside break above the $17,000 and $17,200 ranges.
  • The worth is buying and selling above $16,750 and the 100 hourly easy shifting common.
  • There’s a key bullish pattern line forming with help close to $16,820 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might acquire bullish momentum if there’s a each day shut above the $17,200 resistance zone.

Bitcoin Value Stays Supported

Bitcoin value climbed above the $16,800 resistance zone prior to now few classes. BTC even tried an upside break above the $17,000 resistance zone, however struggled to realize bullish momentum.

The bulls made a few makes an attempt to clear the $17,000 resistance, however failed. The current excessive was shaped close to $16,920 and the worth is now consolidating in a variety. It corrected a number of factors and examined the 23.6% Fib retracement stage of the upward transfer from the $16,565 swing low to $16,920 excessive.

Bitcoin value is now buying and selling above $16,750 and the 100 hourly easy shifting common. There may be additionally a key bullish pattern line forming with help close to $16,820 on the hourly chart of the BTC/USD pair.

On the upside, an instantaneous resistance is close to the $16,920 zone. The primary main resistance is close to the $17,000 zone. The principle barrier remains to be close to the $17,200 stage. A correct each day shut above the $17,200 resistance would possibly begin a gentle restoration wave.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The following main resistance is close to $17,500, above which the worth rise in the direction of the $18,000 resistance zone. Any extra positive factors would possibly spark a transfer in the direction of the $18,500 resistance zone.

Contemporary Drop in BTC?

If bitcoin fails to clear the $17,000 resistance, there might be a recent drop. An instantaneous help on the draw back is close to the $16,820 stage, the pattern line, and the 100 hourly SMA.

The following main help is close to the $16,750 stage. It’s near the 50% Fib retracement stage of the upward transfer from the $16,565 swing low to $16,920 excessive. A draw back break under the $16,750 help would possibly ship the pair in the direction of the $16,570 stage. Any extra losses would possibly ship the worth in the direction of $16,350.

Technical indicators:

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

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

Main Help Ranges – $16,820, adopted by $16,750.

Main Resistance Ranges – $17,000, $17,200 and $17,500.

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