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The price of Bitcoin extended its rise and traded towards $17,400. BTC is correcting gains, but it remains well supported near the $17,000 area.
Bitcoin extended its rise above the $17,000 and $17,200 resistance levels. The price is trading above $17,000 and the 100 hourly simple moving average. A key bullish trend line is forming with support near $16,880 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rise further if it stays above the $17,000 support and the trendline. Bitcoin Price Extends Rise
Bitcoin price remained in a positive zone above the $16,800 level. BTC extended its rise after a sharp close above the $17,000 level and the 100 hourly simple moving average.
The price accelerated and traded above the $17,250 level. It traded at a new yearly high at $17,391 before the bears emerged. There was a slight downward correction below the $17,250 level. It is now trading near the 50% Fib retracement level of the upside wave from the low of $16,911 to $17,391.
Bitcoin price is now trading above $17,000 and the 100 hourly simple moving average. A key bullish trend line is also forming with support near $16,880 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $17,280 level. The next major resistance is near the $17,400 area, above which the price might even break through the $17,500 resistance. In the indicated case, the price could possibly rise towards the $18,000 level. Any further gains could send the btc price towards the $18,500 level.
Dips supported in BTC?
If bitcoin price fails to clear the $17,300 resistance, it could extend its downward correction. An immediate support on the downside is near the $17,150 level.
The next major support is near the $17,080 level. It is near the 61.8% Fib retracement level of the uptrend from the low from the $16,911 low to $17,391 high. Major support is now forming near the $17,000 area and the trendline region, below which the price may retest $16,500.
Technical indicators:
Hourly MACD The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now above the 50 level.
Main support levels $17,150, followed by $17,000.
Major resistance levels $17,300, $17,400 and $18,000.
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Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiQ2h0dHBzOi8vbmV3c2J0Yy5jb20vYW5hbHlzaXMvYnRjL2JpdGNvaW4tcHJpY2Utc3RydWdnbGVzLWFib3ZlLTE3ay_SAUdodHRwczovL25ld3NidGMuY29tL2FuYWx5c2lzL2J0Yy9iaXRjb2luLXByaWNlLXN0cnVnZ2xlcy1hYm92ZS0xN2svYW1wLw?oc=5 The mention sources can contact us to remove/changing this article |
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