Bitcoin Price Regains Traction, BTC Seems Primed for More Upsides

Bitcoin worth gained bullish momentum above the $16,500 resistance. BTC might rise additional if there’s a shut above the $17,000 resistance.

• Bitcoin began a good enhance above the $16,500 and $16,650 resistance ranges.
• The worth is buying and selling above $16,500 and the 100 hourly easy shifting common.
• There was a break above a significant bearish development line with resistance close to $16,450 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might rise additional if there’s a shut above the $17,000 resistance.

Bitcoin Worth Beneficial properties Bullish Momentum

Bitcoin worth shaped a base above the $16,200 assist zone. BTC began a gradual enhance and was capable of clear the $16,500 resistance zone and the 100 hourly easy shifting common.

In the course of the enhance, there was a break above a significant bearish development line with resistance close to $16,450 on the hourly chart of the BTC/USD pair. The pair even surpassed the 76.4% Fib retracement degree of the downward transfer from the $16,589 swing excessive to $16,000 low.

Bitcoin worth is now buying and selling above $16,500 and the 100 hourly easy shifting common. It’s testing the 1.618 Fib extension degree of the downward transfer from the $16,589 swing excessive to $16,000 low.

Supply: BTCUSD on TradingView.com

On the upside, a direct resistance is close to the $16,950 degree. The primary main resistance is close to the $17,000 zone, above which the worth might maybe speed up increased. Within the acknowledged case, the worth might take a look at the $17,500 resistance. The following main resistance is close to $18,000, above which the worth might acquire tempo for a transfer in direction of the $18,800 zone.

Dips Supported in BTC?

If bitcoin fails to climb above the $17,000 resistance, there may very well be a draw back correction. An instantaneous assist on the draw back is close to the $16,800 degree.

The following main assist is close to the $16,500 zone or the 100 hourly SMA, under which the worth decline additional. Within the acknowledged case, the worth would possibly drop in direction of the $16,200 assist zone. Any extra losses would possibly name for a take a look at of the important thing $16,000 assist zone within the close to time period.

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 – $16,800, adopted by $16,500.

Main Resistance Ranges – $16,950, $17,000 and $17,500.