Bitcoin Price Remains In Bullish Zone For A Push To $18K, Here’s Why

Bitcoin worth began a draw back correction from the $17,000 resistance. BTC discovered assist close to $16,750 and may quickly try an upside break above $17,000.

• Bitcoin is displaying bullish indicators above the $16,600 and $16,750 ranges.
• The worth is buying and selling above $16,750 and the 100 hourly easy transferring common.
• There’s a essential bullish pattern line forming with assist close to $16,750 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may begin a powerful improve if there’s a shut above the $17,000 resistance.

Bitcoin Value Stays Supported

Bitcoin worth tried a good upward transfer above the $16,800 resistance degree. BTC even spiked in direction of the $17,000 resistance zone, however there was no clear upside break.

A excessive was fashioned close to $16,987 and the worth began a draw back correction. There was a transfer under the $16,800 assist zone. The worth declined under the 50% Fib retracement degree of the upward transfer from the $16,615 swing low to $16,987 excessive.

Nonetheless, bitcoin worth discovered assist close to the $16,750 degree. The 61.8% Fib retracement degree of the upward transfer from the $16,615 swing low to $16,987 excessive is performing as a assist.

There’s additionally an important bullish pattern line forming with assist close to $16,750 on the hourly chart of the BTC/USD pair. The pair is secure above $16,750 and the 100 hourly easy transferring common. On the upside, a direct resistance is close to the $16,900 degree.

Supply: BTCUSD on TradingView.com

The subsequent main resistance is close to the $17,000 zone. A transparent transfer and shut above the $17,000 resistance may begin a powerful improve within the close to time period. Within the said case, the worth might maybe rise in direction of the $17,550 degree. Any extra positive aspects may name for a transfer in direction of the $18,000 degree.

Dips Supported in BTC?

If bitcoin worth fails to clear the $17,000 resistance, it may begin a draw back correction. A direct assist on the draw back is close to the $16,800 degree.

The subsequent main assist is close to the $16,750 degree and the pattern line. A draw back break under the $16,750 assist may ship the worth in direction of the $16,500 degree. Any extra losses may name for a check of $16,350.

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 degree.

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

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