Bitcoin Price Resumes Increase as Crypto Bulls Aim More Upsides

Bitcoin value prolonged its improve and traded in the direction of $17,500. BTC is consolidating beneficial properties and may purpose a transfer in the direction of the $18,000 resistance.

• Bitcoin prolonged its rise above the $17,200 and $17,250 resistance ranges.
• The worth is buying and selling above $17,200 and the 100 hourly easy shifting common.
• There’s a main bullish development line forming with help close to $17,350 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might proceed to maneuver up in the direction of the $18,000 resistance zone.

Bitcoin Value Good points Momentum

Bitcoin value settled above the important thing $17,000 pivot zone, opening the doorways for extra beneficial properties. BTC climbed additional greater and was capable of clear the $17,250 resistance zone.

The worth even broke the $17,400 resistance zone and examined the subsequent barrier at $17,500. A excessive is shaped close to the $17,500 stage the value is now consolidating beneficial properties. It’s now testing the 23.6% Fib retracement stage of the upward transfer from the $17,136 swing low to $17,500 excessive.

Bitcoin value can be buying and selling above $17,200 and the 100 hourly easy shifting common. In addition to, there’s a main bullish development line forming with help close to $17,350 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

On the upside, a direct resistance is close to the $17,500 stage. The following main resistance is close to the $18,000 zone, above which the value may speed up greater. Within the acknowledged case, the value might maybe rise in the direction of the $18,500 stage. Any extra beneficial properties may ship btc value in the direction of the $19,200 stage.

Dips Restricted in BTC?

If bitcoin value fails to clear the $17,500 resistance, it might begin a draw back correction. A right away help on the draw back is close to the $17,350 stage and the development line.

The following main help is close to the $17,270 stage. It’s close to the 61.8% Fib retracement stage of the upward transfer from the $17,136 swing low to $17,500 excessive. The primary help is now forming close to the $17,130 stage, beneath which the value may retest $16,800.

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 – $17,350, adopted by $17,130.

Main Resistance Ranges – $17,500, $17,800 and $18,000.