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TA: Bitcoin Price Smashes Key Resistance, Why $17K Could Be Next

Bitcoin value gained bullish momentum and it broke the $16,500 resistance in opposition to the US Dollar. BTC is more likely to proceed greater in the direction of $17,000 so long as it’s above $16,200.

  • Bitcoin regained energy and it broke the $16,500 and $16,600 resistance ranges.
  • The value traded to a brand new month-to-month excessive at $16,897 and settled above the 100 hourly easy transferring common.
  • There is a short-term contracting triangle forming with resistance close to $16,725 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might right a couple of factors, however the bulls are more likely to stay lively close to $16,500.

Bitcoin Price Signaling More Upsides

After forming a base close to the $15,800 stage, bitcoin value began a recent enhance. BTC broke the $16,200 and $16,350 resistance ranges to maneuver again right into a optimistic zone.

The upward transfer was such that the value broke the $16,500 resistance. The value traded in the direction of the $17,000 stage and a brand new month-to-month excessive was shaped close to $16,897. Bitcoin is presently consolidating good points beneath $16,800 and it’s properly above the 100 hourly easy transferring common.

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An preliminary help is close to the $16,630 stage. It is near the 23.6% Fib retracement stage of the current rally from the $15,796 low to $16,897 excessive. There can be a short-term contracting triangle forming with resistance close to $16,725 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The triangle help is near the $16,630 stage, beneath which the value might take a look at the 50% Fib retracement stage of the current rally from the $15,796 low to $16,897 excessive.

On the upside, a transparent break above the $16,725 and $16,750 ranges would possibly begin a recent enhance. The subsequent main resistance is close to the $16,850 and $16,900 ranges, above which the bulls are more likely to purpose a break above the $17,000 stage.

Dips Supported in BTC?

If bitcoin fails to clear the triangle resistance or $16,750, there might be a short-term draw back correction. A transparent break beneath the triangle help would possibly lead the value in the direction of the $16,500 help zone.

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The subsequent main help is close to the $16,350 stage. Any additional losses might maybe lead the value in the direction of the $16,200 help stage and the 100 hourly easy transferring common.

Technical indicators:

Hourly MACD – The MACD is slowly transferring into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently correcting decrease in the direction of the 60 stage.

Major Support Levels – $16,500, adopted by $16,350.

Major Resistance Levels – $16,750, $16,850 and $17,000.

EditorialTeam

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