Bitcoin Price Key Trend is Forming And BTC Could Soon Surge to $18K

Bitcoin value gained tempo for a contemporary transfer above $17,000. BTC is rising and may climb greater in the direction of the $18,000 resistance zone.

• Bitcoin began a contemporary improve above $17,000 and $17,200 resistance ranges.
• The worth is buying and selling above $16,800 and the 100 hourly easy transferring common.
• There was a break above a significant bearish development line with resistance close to $17,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair appears to be eyeing a transfer in the direction of the $17,650 resistance and even $18,000.

Bitcoin Value Restarts Enhance

Bitcoin value discovered help close to the $16,800 zone after a draw back correction. BTC remained nicely bid and began a contemporary improve above the $17,000 resistance zone.

It even broke the $17,150 degree and settled above the 100 hourly easy transferring common. The worth gained tempo above the 76.4% Fib retracement degree of the downward transfer from the $17,315 swing excessive to $16,784 swing low. Moreover, there was a break above a significant bearish development line with resistance close to $17,000 on the hourly chart of the BTC/USD pair.

Bitcoin value is now buying and selling above $16,800 and the 100 hourly easy transferring common. It’s buying and selling close to the $17,250 degree. On the upside, a direct resistance is close to the $17,350 degree.

The primary main resistance is close to the $17,450 zone, above which the value could maybe begin one other regular improve. Within the acknowledged case, the value might rise in the direction of the $17,650 resistance. It’s close to the 1.618 Fib extension degree of the downward transfer from the $17,315 swing excessive to $16,784 swing low.

Supply: BTCUSD on TradingView.com

The following main resistance is close to $18,000, above which the value might try a transfer in the direction of the $18,500 zone within the close to time period.

Dips Restricted in BTC?

If bitcoin fails to start out a contemporary improve above the $17,350 resistance, there could possibly be extra downsides. An instantaneous help on the draw back is close to the $17,150 degree.

The following main help is close to the $17,000 zone and the 100 hourly easy transferring common. A draw back break beneath the $17,000 help may name for a transfer in the direction of $16,750. Any extra losses may name for a take a look at of the important thing $16,500 help zone within the close to time period.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now within the overbought zone.

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

Main Resistance Ranges – $17,350, $17,450 and $18,000.