Bitcoin
$23,762.39
+662.18
(+2.87%)
Ethereum
$1,672.44
+87.57
(+5.53%)
Ripple
$0.41
+0.01
(+2.63%)
Litecoin
$99.23
+3.55
(+3.71%)
EOS
$1.08
+0.05
(+4.55%)
Cardano
$0.40
+0.02
(+5.61%)
Stellar
$0.09
0
(+3.97%)
NEO
$8.77
+0.73
(+9.04%)
NEM
$0.04
0
(+2.36%)
DigitalCash
$62.00
+2.15
(+3.59%)
Tether
$1.00
0
(0%)
Binance Coin
$327.42
+18.16
(+5.87%)
QTUM
$2.79
+0.18
(+6.98%)
Verge
$0.00
0
(+1.94%)
Ontology
$0.22
+0.01
(+6.55%)
ZCash
$46.94
+2.05
(+4.57%)
Steem
$0.20
+0.01
(+5.33%)

Bitcoin Price Resumes Increase as Crypto Bulls Aim More Upsides

0

Bitcoin price extended its increase and traded towards $17,500. BTC is consolidating gains and might aim a move towards the $18,000 resistance.

  • Bitcoin extended its rise above the $17,200 and $17,250 resistance levels.
  • The price is trading above $17,200 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $17,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move up towards the $18,000 resistance zone.

Bitcoin Price Gains Momentum

Bitcoin price settled above the key $17,000 pivot zone, opening the doors for more gains. BTC climbed further higher and was able to clear the $17,250 resistance zone.

The price even broke the $17,400 resistance zone and tested the next barrier at $17,500. A high is formed near the $17,500 level the price is now consolidating gains. It is now testing the 23.6% Fib retracement level of the upward move from the $17,136 swing low to $17,500 high.

Bitcoin price is also trading above $17,200 and the 100 hourly simple moving average. Besides, there is a major bullish trend line forming with support near $17,350 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $17,500 level. The next major resistance is near the $18,000 zone, above which the price might accelerate higher. In the stated case, the price may perhaps rise towards the $18,500 level. Any more gains might send btc price towards the $19,200 level.

Dips Limited in BTC?

If bitcoin price fails to clear the $17,500 resistance, it could start a downside correction. An immediate support on the downside is near the $17,350 level and the trend line.

The next major support is near the $17,270 level. It is near the 61.8% Fib retracement level of the upward move from the $17,136 swing low to $17,500 high. The main support is now forming near the $17,130 level, below which the price might retest $16,800.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $17,350, followed by $17,130.

Major Resistance Levels – $17,500, $17,800 and $18,000.

Credit: Source link

Leave A Reply

Your email address will not be published.