Bitcoin Price Climbs to $17,000 and Prints a Bullish Continuation Signal

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Bitcoin price climbed above the $16,800 resistance. BTC could rise further if it breaks through the $17,000 and $17,050 levels.

Bitcoin is slowly moving above the resistance levels of $16,800 and $16,850. The price is trading above $16,700 and the 100 hourly simple moving average. A major bullish trend line is forming with support near $16,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rise steadily if there is a close above the $17,000 resistance. Bitcoin price climbs higher

Bitcoin price held steady above the $16,500 support zone. BTC started a decent rise and was able to break through the $16,800 resistance level.

The price even broke above the $16,850 level and the 100 hourly simple moving average. There was a spike towards the $17,000 level. A high was formed near $16,987 and the price is now correcting gains. There was a minor move below the $16,900 level.

The price climbed below the 50% Fib retracement level of the recent rise from the lows of $16,614 to highs of $16,987. Bitcoin price is now trading above $16,700 and the 100 hourly simple moving average.

A major bullish trend line is also forming with support near $16,700 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $16,900 level.

Source: BTCUSD on TradingView.com

The next major resistance is near the $17,000 area. A proper close above the $17,000 resistance could initiate a steady near-term rise. In the indicated case, the price could possibly rise towards the $17,500 level. Any further gains could send the price towards the $18,000 level in the next few sessions.

Dips Limited in BTC?

If bitcoin price fails to climb above the $17,000 resistance, it could trigger a downward correction. An immediate support on the downside is near the $16,750 level.

The 61.8% Fib retracement level of the recent rise from the $16,614 low to $16,987 low is also near the $16,750 level. The next major support is near the $16,700 level and the trendline. A clear break below the $16,700 support could send the price towards the $16,500 level. Any further losses could push the price up towards $16,350.

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 $16,750, followed by $16,700.

Major resistance levels $16,900, $17,000 and $17,500.

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