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TA: Bitcoin Extends Rally, Why Bulls Remain In The Driver’s Seat

Bitcoin value rallied over 6% and it broke the $17,500 resistance towards the US Dollar. BTC is consolidating positive factors and it looks as if the bulls are aiming extra upsides above $18,000.

  • Bitcoin prolonged its rise above the $17,200 and $17,500 resistance ranges.
  • The value traded to a brand new month-to-month excessive at $17,895 and settled above the 100 hourly easy shifting common.
  • There is a key contracting triangle forming with resistance close to $17,800 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair stays nicely supported and it’s more likely to rally additional above the $18,000 resistance.

Bitcoin Price Gains 6%

After a pointy rise above the $17,000 resistance, bitcoin value began following a bullish path. BTC even surged above the $17,200 degree to maneuver additional right into a optimistic zone.

The value rallied over 6%, broke the $17,500 resistance, and settled nicely above the 100 hourly easy shifting common. Bitcoin traded to a brand new month-to-month excessive at $17,895 and it’s at present consolidating positive factors.

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Source: BTCUSD on TradingView.com

It corrected under the 23.6% Fib retracement degree of the latest surge from the $16,924 swing low to $17,895 excessive. However, the value remained nicely supported above the $17,500 degree. It looks as if there’s a key contracting triangle forming with resistance close to $17,800 on the hourly chart of the BTC/USD pair.

If there’s a contemporary break above the triangle resistance at $17,800, the value may rally additional. The subsequent main resistance is close to the $18,000 degree. Any additional positive factors may open the doorways for an increase in the direction of the $18,400 degree within the close to time period. An intermediate resistance sits close to the $18,250 degree.

Dips Supported in BTC?

If bitcoin fails to clear the triangle resistance or $17,850, there could possibly be a short-term draw back correction. An preliminary assist is close to the triangle assist at $17,580.

The subsequent main assist is close to the $17,410 degree. It is near the 50% Fib retracement degree of the latest surge from the $16,924 swing low to $17,895 excessive. Any additional losses might maybe lead the value in the direction of the $17,200 assist degree.

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Technical indicators:

Hourly MACD – The MACD is slowly dropping momentum within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is at present correcting decrease, however it’s nicely above the 60 degree.

Major Support Levels – $17,580, adopted by $17,400.

Major Resistance Levels – $17,800, $17,850 and $18,000.

EditorialTeam

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